Self Assessment Info Required
This time we're focusing on the information required for us to complete a Self Assessment tax return. Here is a list of things that you should consider:
What we need from you if you answer YES:
Excluding salary from your limited company, did you receive any other employment income during the year ended 5 April 2017?
Please forward your 2016/17 P60 in respect of your other employment (your employer is legally obliged to provide this to you by 31 May 2017) - If this employment ended during 2016/17 then you should send us your P45 Part 1 (which will give details of your previous employer).
Excluding any benefits from your limited company, did you receive any employee benefits (beneficial loans, private medical/dental, company car etc) during the year ended 5 April 2017?
Please forward your 2016/17 Form P11D detailing any benefits you received.
Do you have a student loan? Note, Student loans are repayable once total income, including dividends, exceed £17,775
Please confirm the amount of any student loan outstanding, if you are on Plan 1 or Plan 2, provide details of any repayments you have made during the year, date payments started (if in 16/17 tax year), date loan repaid (if in 16/17 tax year).
If your personal taxable income was more than £50,000 in the year ended 5 April 2017, did you receive any child benefit?
Please let us know how much child benefit you received in the year ended 5 April 2017, and for how many children.
Excluding dividends from your limited company, did you receive any other dividends during the year ended 5 April 2017?
Please provide us with the names of companies in which shares are held along with the number of shares held in each. Please advise the amount and date of dividends received in respect of each shareholding in the year ended 5 April 2017.
Did you receive any interest on personal bank or building society accounts during the year ended 5 April 2017? Note: if you are a basic rate taxpayer you will receive the first £1k of interest tax free. If you are a higher rate tax payer you will receive the first £500 tax free. So no need to provide if under these thresholds!
Please provide the name of the bank or building society you received interest from along with the account number and the amount of interest received in the year ended 5 April 2017. Note, do not include ISAs. If the account is held jointly only include your share of the interest.
Did you make any contributions into private pension schemes, other than contributions directly from your employer or company, during the year ended 5 April 2017?
Please advise us how much private pension contributions you have made in the year ended 5 April 2017 - Please also advise us the name of the pension provider and also your policy number (we cannot claim tax relief without this).
Were you in receipt of state pension during the year ended 5 April 2017?
Please provide us with the total of any state pension you received during the year ended 5 April 2017.
Were you in receipt of any other pension income during the year ended 5 April 2017?
Please provide us with copies of P60’s from your pension provider (your pension provider is legally obliged to provide this to you by 31 May 2017).
Were you in receipt of any taxable state benefits during the year ended 5 April 2017? E.g. job seekers allowance
Please provide us with the amount of each taxable state benefit you received in the year ended 5 April 2017.
Excluding any paid or reimbursed by your limited company, did you pay any fees or subscriptions to a professional body during the year ended 5 April 2017?
Please advise us of the professional body to which a subscription was paid and the amount of the subscription that was paid.
Did you own any letting properties during the year ended 5 April 2017?
Please provide us with all backup spreadsheets of income and expenditure. Was the property furnished/unfurnished and what the % of ownership split is. Please provide details of any rental income received along with details of any related expenses (repairs, factoring, insurance, council tax, utilities etc) for the year ended 5 April 2017 - Where you have a mortgage on the property, please provide a mortgage interest certificate (the statement must be dated as at 5 April – you cannot claim the capital repayments against the income).
Excluding donations made through your company, have you made any charitable donations under Gift Aid during the year ended 5 April 2017?
Please provide details and the amounts of Gift Aid Donations made in the year ended 5 April 2017.
Did you make any investments into a qualifying Enterprise Investment Scheme (EIS) or Venture Capital Trust during the year ended 5 April 2017?
Please provide copies of all HMRC investment certificates (your financial adviser or the investment provider will forward these to you – we cannot claim the tax relief without the certificates).
Did you receive any income from overseas that was subject to deduction of local taxes during the year ended 5 April 2017?
Please provide us with evidence of any tax deducted at source where you have worked outside the UK (you can usually offset such tax against your UK liabilities).
Are you claiming non-residence for the year ended 5 April 2017?
Please provide us with a note of the days you spent in the UK along with the number of trips into the UK during the year.
Do you need to declare information regarding your UK residency?
Date arrived in the UK
Date left the UK
Do you have a spouse as a director, shareholder or employee of your limited company who is required to complete a personal tax return? (They will have received a notice from HMRC)
Your spouse should also complete our self-assessment questionnaire.
Did you receive any PPI or PCP compensation during the year ended 5 April 2017?
PPI and PCP compensation itself is not taxable. However, most settlements are paid with interest which is unfortunately taxable. You should therefore provide us with details of any compensation as well as any interest received on the compensation.
Are you a Scottish tax payer?
Note, the definition of a Scottish taxpayer is focused on where the individual lives not where they work.
Have you bought or sold any shares during the year ended 5 April 2017?
Please provide us with the names of companies in which shares are purchased/sold. Please advise the number, price and date of shares purchased/sold.
Do you have any self employment income?
Include any self employed activities (not income from your Limited Company). Please supply accounts in respect of any of these activities unless we have already prepared or will be preparing the accounts.
Have you disposed of any capital assets during the year ended 5 April 2017? (e.g. letting property etc)
Please provide us with details of what was sold, how much it was sold for, when it was sold, how much it was bought for etc. If you have sold a letting property then we need to know which periods during ownership it was let for, vacant or occupied by yourself.
Do you have any foreign income or gains?
Please provide description, dates, and currency.
Do you have any other income or outgoings that you think might be relevant for your personal tax self assessment?
Please provide details.
Interested in learning more about Self Assessment Info?
Follow this link to contact the team at Source Accounting to find out more.Go