2020 Self-Assessment Tax Return Checklist

January 31^st is the deadline for online Self-Assessment Tax Return submissions, as well as payments for any amount owed.

We are actively preparing self-assessment tax returns now for our clients to avoid the last minute rush. There are many reasons to have your self-assessment tax returns completed by your accountant and some of these are:

• We know all the allowances and expenses that can be claimed for your employment or business and can minimise the tax payable.
• We prepare trading accounts for sole traders, again ensuring that all allowances and expenses have been claimed.
• We can advise property landlords to make all the applicable deductions to minimise the tax liability.
• We advise those with more than one employment to check whether they should file a self-assessment return or make a claim to HMRC for overpayment of taxes. Often additional employers will process your payroll incorrectly leading to issues in future years.
• We prepare more complicated forms for individuals and that not all the self-assessment forms are available online. Some of these additional forms can relate to overseas transactions, capital gains on selling properties, employed in more than one country, partially resident for part of a year etc. A correct disclosure now could save on more complicated HMRC investigations and penalties.

Filing Tax Returns – Your 2020 Checklist

1. 1. A Unique Tax Reference (UTR) number is issued to you on registering for Self-Assessment. There are two types of UTR numbers; Personal and Company. If you are the director of your own limited company, you will have a company UTR for your corporation tax and a personal UTR for your personal tax. You will need to submit your self-assessment tax return with the relevant UTR. If you’ve misplaced your 10-digit UTR number, you can look it up
   2. Your National Insurance number.
   3. P60 (if you are a salaried worker, this will be the case if you receive a salary from your limited company) and P11d, if applicable.
   4. Any untaxed income (with supporting documents) for the 2018/19 tax period. This would include income from renting out a property, tips and commission earned, income from savings, investments and dividends and any foreign income.
   5. Details and supporting evidence of any income from self-employment in the 2018/19 period. This will be income earned outside of your limited company as a sole trade.
   6. Details and supporting records for any charitable donations made, and expenses that have been incurred in the previous tax year. This also includes pension contributions paid through personal tax

3. Want your tax return to be filed correctly and to minimise any tax liability, please CONTACT US.

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