Gathering together all the information you need to complete your Tax Return can be stressful, especially as you’ll find yourself scrambling around to gather documents from April 2023 to April 2024.
By submitting your Tax Return earlier than its usual due date, you’ll give yourself ample time to identify what you need, make corrections – if necessary – and avoid last-minute stress thus saving you time in the long run to do more exciting things! You’ll have peace of mind knowing that you’ve met the filing deadline and are avoiding potential penalties.
Submitting your Tax Return earlier gives you a clearer picture of your financial situation. Knowing what you owe HMRC (or what HMRC owe you) will help you budget more effectively, plan for payments due or decide how to spend your tax rebate wisely!
We’ve compiled a list of essential paperwork you’ll need for your Tax Return – it’s by no means exhaustive, but it covers the most likely bits of paper you’ll need to look out for.
- Your Unique Taxpayer Reference (UTR) – you’ll find this on previous correspondence from HMRC or by logging into your ‘Personal Tax Account’ online.
- 2024 P60 confirming salary/wages and tax deducted from your employer
- P11D confirming benefits provided by your employer (e.g. private medical insurance, company car).
- If you are self-employed, your accounting records (i.e. invoices raised for goods/services and receipts for expenses incurred – are these kept in electronic form?)
- Certificates of any interest paid by your bank, building society, other provider
- Annual tax reports produced by your investment manager
- Details of income and expenses from rental properties
- R185 form – details of any income received from Estates or Trusts
- P60s and/or letters from your pension provider
- Your bank statements to identify other sources of income (such as dividend income from shares held and tax-deductible expenses such as pension payments and Gift Aid donations to charity).
Why wait until nearer the deadline when we’ll be suffering from the aftermath of the Christmas festivities? Take action now by gathering all your documents and submitting your Tax Return early allowing you a stress-free festive season and beyond.
If you are finding the completion of your Tax Return more complex and need support, call CKLG on 01223 810100.
