Tax Return Checklist

Tax Return Checklist

We would urge everyone to send in tax information as early as possible in the new tax season, to prepare for the quarterly filing regime which the government announced and implemented in 2019 (for VAT).

Information provided at the last minute may be incomplete and in some cases may mean that the correct amount of tax is not paid, which may lead to fines. Under the new Revenue penalty system they may say you are “negligent” if your return is missing any of the required information and consequently they may add a penalty to any tax due.

For this tax season we suggest you start to get all of your information together immediately after the tax year-ends on 5 April.

30 October is our advised latest due date…

…for sending all of the relevant information to us for the previous tax year so that we can make sure the data is processed in good time. Information sent in after this date may not be processed.

If any information at all is still outstanding at December we will not be able to file your Return on time and it will be filed as soon as possible after the January deadline.

In the following pages we have compiled a handy checklist of the main items you will need to assemble soon after the year-end.

*This is a general guide and is not exhaustive.

a) Income and other receipts

COMPLETED

ITEM

DUE DATE

ACTION

Tax Year End

Tax Year End

Tax Year End

Interest received

6th April

Contact your bank or building society and obtain details of any interest on your own or join account.

Dividends

6th April

Obtain details of all dividends received from 6 April to 5 April from all sources.  This includes stock dividends if you have any.

Accounts/self employment

6th April

If you have any self employment in the period, you will need to assemble your books and records for the period to 5 April.

Employment income

6th April

Relevant form P60 for the year-ended 5 April

Forms P11D

These forms P11D should be with you by 6 July each year

If you are employed and have benefits provided by the employer.

Chargeable gains

Assemble details of disposals during the tax year. This may be obtained from your bank, broker or solicitor.

b) Payments and other deductions you can claim

COMPLETED

ITEM

DUE DATE

ACTION

Pension contributions

This is normally available from your pension provider by 6 April each year.

If you have made pension contributions personally in the period, please contact your provider and have them send a confirmation of payments made.

Loan interest paid

This is normally available from your lender by 6 April each year.

If you are paying interest on a qualifying loan obtain the interest certificate from the bank.

Gift Aid payments made to Charities

Obtain details of payments made to registered charities in the period including their registered number.

Second tax payment on account

31 July

Second payment on account due

High income child benefit charge

See income and expenses box below. This is relevant if your income is over £50,000.

Student Loan repayments

If applicable please obtain details.

c) Special Deductions

COMPLETED

ITEM

DUE DATE

ACTION

EIS/VCT Investments

Obtain details of subscriptions and EIS Forms from the Company Secretary.

Other sources

It is advisable to cross check EIS forms issued with the relevant company Annual Return on a regular basis to ensure the two correspond.

Other loans

You may have qualifying loans for tax purposes. Please obtain these from your bank.

NOTES

It is advisable to cross check EIS forms issued with the relevant company Annual Return on a regular basis to ensure the two correspond.

Please note we require all information to be received in our office by 30 October. Information received after this date may cause the tax return to be processed late. You may incur a fine if your Return is submitted after the deadline of 31 January.

Thank you for using our Tax Return checklist, we hope you found it useful.

If you have any queries about the information provided, large or small, please feel free to get in touch

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