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
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
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
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.
