Self-Assessment: What information should you give your accountant?

With the self-assessment deadline just around the corner, it’s important that you start gathering the information you need to give to your accountant to complete your form.

HMRC use the self-assessment form to calculate how much tax you owe based on the amount of money you have earned.  Whether you’re self-employed, a sole trader, freelancer or in a business partnership, it’s important that your accountant completes your self-assessment form accurately and on time.

Many self-employed people use an accountant to submit their self-assessment as a trained accountant will ensure that you pay the right amount of tax whilst benefiting from other expenses. May people also find the process time consuming and challenging.

However, just because you are not filling out the form yourself doesn’t mean that you won’t have to ensure that you have all the correct information to hand for your accountant.

What does your accountant need to file your tax return?

You’ll still need to provide your accountant with the following information to complete yourself assessment form:

Employment information

In order to complete your self-assessment form your accountant will need to see your employment information which includes the following:

  • Your annual salary
  • Any tax you have already paid
  • A P60 or P45, which shows gross salary
  • Student loan deductions
  • Evidence outlining benefits or expenses
  • Employer’s P11D

Pension income

If you receive an occupational pension, your accountant will also ask for your P60 or the certificate of pension paid. At the same time, any information on any other taxable benefits should also be provided.

Business Records

All business records must also be provided and they must be up to date and correct. You must provide the following information:

  • Partnership interest income and the tax deducted
  • Any other partnership income
  • Investment income
  • Any income you have made on investments
  • Interest from banks and building societies
  • Dividends from UK companies dividends
  • Income from trusts, settlements, Deeds of Covenant and estates
  • Income from property
  • Overseas income
  • Expenses
  • Pension contributions
  • Qualifying loans and mortgages
  • Gift Aid or Deed of Covenant payments
  • Student Loan repayments
  • Other payments qualifying for tax relief
  • Capital transactions

 

Why do you need an accountant to file your self-assessment?

An accountant has years of experience in helping people to complete self-assessment forms and will ensure that it is submitted on time, and it is accurate.

If you’re an ecommerce business looking for support when it comes to submitting a self-assessment form, there’s lots of ecommerce accountants available to help.

 

Get in touch!

Here at Unicorn Accounting, our team of specialist e-commerce accountants is happy to chat about all of your eCommerce accounting needs. So, what are you waiting for? Let’s talk and maximise the growth of your e-commerce store.

 

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