Your Personal Tax Return – what do we need?

HMRC, News, Personal Tax,

Once again, we’re hurtling towards the end of another financial year. The 6th April and the start of another will be here in just over a week, so it’s Personal Tax Return time!

If we prepare yours for you, NOW is the time to get ahead and send us your information as it hits your door mat or inbox. Rather than filing it away to wait for the last piece of the puzzle, why not pop it over to us now? We’ll compile everything as it arrives, and it’ll be one less thing for you to worry about…

What information do we need?

Your Personal Tax Return should include details of ALL worldwide income in the year to 5th April 2022, which may include:

  1. Income from employments (even if you’re a director without any income from that company)
  2. Self Employment – If you’re a Sole Trader, we’ll need to prepare accounts for you, which then feed into your Tax Return. Your accounts year end may not be 5th April, so if you’re unsure what dates we need the information for, please check with us.
  3. Business Partnerships – If you are a Partner, this income information will come from your Partnership Accounts and Tax Return which we’ll prepare for you.
  4. Capital Gains
    1. Details of the sale of any assets – e.g. shares, a second property, your Principal Private Residence.
    2. We’ll need the original cost and purchase date.
    3. Details of the expenditure on any enhancements – e.g. extension costs.
    4. Details of any associated costs, eg Estate Agent & Solicitor fees, broker fees.
  5. Pensions
    1. Amounts shown on P60s as they arrive.
    2. State pension – a copy or the figures from your annual statement.
  6. Property – Including furnished or unfurnished rental properties or holiday lets.
    1. Rental income – details of the gross amounts received i.e. before deductions for agents fees.
    2. Details of all expenses incurred on loans used to purchase properties or secured on them.
    3. Refurbishment costs, though treatment of these will depend on what they relate to, so we’ll need that information as well please.
  7. Interest Amounts 
    1. Most interest is now paid gross, but please include the details from the interest certificate you’ll receive if any tax has been deducted.
    2. Details of whether it’s an individual or joint account.
  8. Child Benefit – If anyone in your household earns over £50,000 per year, the Child Benefit is clawed back so we need to know the amounts of Child Benefit received into your household for the year ended 5th April 2022 please.
  9. Income from Trusts – Please let us have the details from form R185, which certifies how much income you’ve received in the year ended 5th April 2022 and any tax that’s been deducted.
  10. Self employed – i.e. NOT Directors. Please ensure that this year you include:
    1. Any business rates grants received in the year ended 5thApril 2022.
    2. Any SEISS grants received in the year ended 5th April 2022. Make sure you keep your evidence supporting your decision to claim in case HMRC ask for it.
    3. Details of any Self Isolating payments you may have received in the year ended 5th April 2022.

Reliefs – reductions of tax against income detailed above:

  1. Details of any charitable donations made where a declaration has been signed to confirm you pay tax – Gift Aid
  2. Personal Pension Contributions – extends your basic rate band.

Download our Personal Tax Return checklist below:

How to send us the information…

Using the list above, and last year’s Personal Tax Return as a prompt, please collect all of the details that are relevant to you. Remember to add any new sources of income, for example new savings accounts, income streams etc.

If you’d like a list of the information we included in last year’s Return, please let us know. These can often be a helpful prompt.

There are several ways to get the information to us:

  • Scan copies into an electronic folder and share it with us, ideally using the Document Transfer system on the website and our email footers.
  • Collate the figures onto a spreadsheet or a list and send it to us through the Document Transfer system.
  • Collect all of the paperwork into an envelope and post it to us. If you’d prefer to take this route, we’d recommend that you send us copies and keep the originals safely. (If you prefer this option, please double check you’re going to send it to the right address before you do. We’re hoping to move at the end of May or in early June, so our address will change!)

Do we need proof of the figures?

No! We don’t need to see the original paperwork, but if HMRC should ask for evidence of the information in your Return, you’ll need to provide it. It’s therefore a good idea to keep it all together in case it’s needed. You must also retain this information for six full tax years from the 31st January 2023 filing deadline, which is the period during which HMRC can enquire into the submitted Return.

As above, once you’ve gathered everything together, you can post us the original paperwork, or copies, or pop the information into an email. The most secure way to send us everything though is through our Document Exchange on the website, which you can also access through the link on our email footers, which may be easier to find once you’ve navigated away from this post!

As ever, we’ll send Personal Tax Return reminders for the information at various times during the year, but would be very grateful to receive as much information as possible, as early as possible please.

If you’ve got any questions or concerns about what you need to include, please get in touch. The list above may not be exhaustive, so we’ll very happily talk you through what we need as it relates to your circumstances.

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