With tax return season looming, we’ve rounded up some helpful tips to get you started and ensure that the end of January deadline doesn’t leave you stressed and overwhelmed.
As a reminder, you have until 31 January 2020 to complete your tax return for the tax period of 6 April 2018 to 5th April 2019. After the end of January deadline, HMRC can issue penalty fees and interest charges which increase the longer you leave it.
Use this checklist to ensure you’re prepared:
- If you are employed, ensure that you have got a copy of your P60 or P45 (if you’ve left employment during the year).
- If you are self-employed, ensure that you have collated all of your receipts, then:
- If you are using software to record these, send a link to your accountants.
- If you are using a spreadsheet, send this to your accountants.
- If you haven’t summarised your receipts, send these to your accountants for them to summarise.
- Collect details of any interest received during the tax year.
- Collect details of any dividends received during the tax year.
- If you are renting out a property, collect details of any rental income and expenditure (including mortgage interest).
- If you have sold any investment property or shares during the year, then collate the purchase and sale documentation.
- Ensure that you have details of any pension income received during the year, either from a State Pension or an Occupational Pension.
- Collect details of any contributions made to private pension schemes during the year.
- Collect details of any Gift Aid payments made during the year.
If you require any assistance with any of the above points, please contact our team on 01444 458252 or network-marketing@prbmp.com.