What Information Does My Accountant Need to Prepare My Tax Return?

When the Tax Return deadline approaches, it can be quite a stressful time for you. Therefore it’s best to be prepared in advance and to know what your accountant needs from you. If you are a business owner or are self-employed, take a look through our list to see exactly what you will need to get ready. If you can get this information together throughout the year, it will make the tax deadline much less stressful for you.

Account Records

  • Bank statements for all business accounts, even if you rarely use the account;
  • Loan statements, as interest suffered is a tax-deductible expense;
  • Business credit card statements;
  • Any finance agreements, especially for new equipment, as not declaring this could add hundreds to your tax bill;
  • Payroll records if you pay employees, or if you take a salary;
  • All sales invoices;
  • Expenses and purchase receipts (you don’t want to miss out on expenses!);
  • Petty cash receipts;
  • A current estimate of stock value;
  • If you are trading as a Limited Company, then you should keep a log of any business mileage done.

Tax Return Records

  • If you have a separate employment income then you need to provide your P60 or P45;
  • Any details of private pension payments;
  • Details of any bank interest your accounts have received (not including ISAs);
  • Any rental income, including mortgage interest;
  • Any additional income, including property sales and other self-employed income.

When filing a tax return, HMRC needs to see all of your income. If you are ever unsure about something, always run it past your accountant as it’s better to be safe than sorry. Take a look at our free downloadable e-book to help kickstart your new business, and if you are in need of an accountant, then please feel free to get in touch to see what we can do for you.