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?

While the introduction of HMRC’s ‘Making Tax Digital’ programme is providing businesses with the tools they need to help keep better track of their taxes and financial records, there are a number of reasons why seeking the help of a qualified and experienced accountant is beneficial.

Accountants can help you to maximise your allowable business expenses, often highlighting expenses you may have overlooked if you are completing a self-assessment yourself.

Accountants can also ensure your tax return is prepared accurately and fully compliant with the most up to date HMRC regulations and requirements, avoiding any unexpected fees or penalties.

If you aren’t familiar with self-assessment, seeking the help of an accountant can help significantly in saving you valuable time. Tax returns are not always straight forward, and tasks like calculating your rental profits or sole trade income, inputting information into HMRC’s digital software or contacting HMRC with questions or queries can all take up a significant chunk of your time.

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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