Documents your accountants needs to complete a tax return

What does my accountant need to complete my tax return?

Documents you need to complete a self assessment tax return

Are you confused about the details of the documents required for your tax returns? Missed documents can prevent you from filing your tax returns accurately and on time.

The tax laws are very strict in the UK and can become overwhelming when many documents and tax compliance are involved. When the deadline approaches, you run for the last-minute document. However, a good checklist or being ready with all the documents can streamline the business process and help you comply with HMRC requirements.

To file a tax return, an accountant needs records of income (employment, self-employment, dividends, bank interest, rental), expense receipts, payroll records, bank statements, tax deduction details, capital gains information, pension income, benefits in kind, and any relevant tax relief claims.

Through this blog, you will clearly understand all the essential documents and information your accountant requires to prepare your tax return effectively. This will help you ensure a smooth and stress-free tax filing experience. At Cloudco Accountancy Group, we offer a comprehensive tax return service that ensures there will be no mistakes. Get in touch with us.

Documents you need to complete a self-assessment tax return

Self-assessment can be scary, therefore it’s frequently preferable to collaborate with an accountant to make the process go as smoothly as possible. However, you must do some of the work yourself to ensure that your accountant gets all they require in good time.

We’ve compiled a handy list of guidelines to assist you in understanding what your accountant expects from you for your tax return.

Here is the list of all the documents that require at the time of the self-assessment tax return process:

Self-employed income and expenses

If you are an employee or director of limited company, whether through your own company or not, you must provide details about your earnings and any taxes you have already paid. If you are self-employed, your accountant will require precise records of your earnings and business expenses.

This includes:

  • Provide detailed financial statements and business records for your company
  • Maintain petty cash receipts for business-related cash transactions
  • Purchase invoices are for items or services acquired by your firm

Dividend income

If you receive income from dividends, you need to send your accountant statements showing dividends received from your investments. This will help calculate any tax liabilities related to your dividend income.

Rental income and expenses

If you get revenue from property, you must supply our accredited accountants with the following:

  • A spreadsheet-based summary of all rental revenue, employment income and expenses
  • Receipts for any expenses directly related to the property rental
  • Rental property statements from managing agents or property managers.

Benefits in kind

If you receive non-cash benefits from employment or pay such as company car, health insurance, your accountant needs details of payments for these benefits to assess their tax implications.

Capital Gains

You must provide some information if your profits are earned from selling your assets.

You should provide records of any capital gains made during the tax year, including:

  • All the details of assets sold, including the dates of acquisition and disposal.
  • Invoices or receipts for assets purchased

Other income

Your accountant may also require additional income information and tax deducted from you when submitting your return. You must furnish your accountant with any additional income, tax deductions, or gains/losses that are not indicated above.

Once they get it, they will surely file an accurate self-assessment return on your behalf.

What information is needed to qualify for tax relief?

To claim tax relief, provide evidence of eligible expenses or investments.

This includes:

  • Documentation supporting expenses claimed for tax relief.
  • Statements showing investments eligible for tax relief, such as contributions to pensions or donations under Gift Aid.

When should you have all this information ready?

It’s essential to start gathering your financial documents early to ensure a smooth tax return process. The deadline for completing the self-assessment is January 31st, so allow enough time to deliver your documentation to your accountant.

Your accountant will require time to finish the procedure. Keep in mind that your accountant may have a number of clients who wait until the last minute to file their tax returns, so they will appreciate you delivering your documentation early.

Allowing yourself time to locate missing information decreases the likelihood of your accountant being held up – and you receive a fine for failing to complete your tax return on time.

To avoid last-minute stress and potential penalties, you need to have all documents ready well before the self-assessment tax return deadline.

What happens if I can’t find all the right documents?

If you’re missing documents or unsure about what’s needed, your accountant can assist in several ways:

  • Alternative Documentation: Advising on alternative sources or methods to obtain necessary documents.
  • Requesting Duplicates: Assisting in obtaining duplicates from relevant authorities or institutions.

Need help with your tax return? Get in touch with Cloudco Group

Hiring an accountant is the best approach to ensuring that your tax return is correct and completed on time.

At Cloudco, we will alleviate your concerns by completing your tax return, calculating your tax liability, filing it online, and communicating with you about the amounts to be paid and when they are due.

Understanding what your accountant needs for your tax return can significantly impact your tax planning and compliance efforts. Preparing and organising the necessary documents and other relevant information in advance can help ensure a smooth and stress-free tax return process.

For personalised assistance and expert accounting advice, trust Cloudco Group to navigate your self-assessment tax return efficiently and effectively. Contact us today.

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CloudCo Group is a Chartered Management Accountancy Firm offering premium accounting services to a range of businesses and individuals.

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