What Do You Need from Your Clients to File Their Self-Assessment Tax Returns?

Although Self Assessment tax returns can look daunting, it’s much simpler than it seems if you are prepared, organised, and know what is being asked for. Clients who are not a fan of filling in the Self Assessment information themselves might bring in the services of an accountant or an accounting practice like yours. Your clients need to provide you with the relevant information so you can complete and submit their returns for them.

Here’s a list of all the information you’ll need from your clients so you can file their Self Assessments. You can also download our Self-Assessment Tax Returns Checklist.

Let’s look at each of these points in detail.

Employment Information

Whether your client has been an employee or otherwise, they will need to provide information on their annual salary and any tax they have already paid. You need to collect their P60 or P45, which shows gross salary, tax deducted, and student deductions if any. And their P11D form, which covers their expenses and benefits, shows all taxable that they receive.

Details of Personal Income & Investments

Any income your clients might have made on investments must also be declared in the Self Assessment returns. Investment incomes such as interest from banks, dividends from UK companies or unit trusts, income from property, overseas income, expenses, student loan repayments, gift aids, deed of covenant payments, qualifying loans & mortgages, pension contributions, and other payments qualifying for tax relief.

You need to collect the required documentation such as certificates of interest & tax deducted, dividend vouchers, R185 or certificates of income with tax deducted, and a list of all tax-deductible expenses. You also require payment details, policy details, lender’s statements, gift aid payment details, and tax relief. Details of payments made, interest received during the year, and any other income or gains obtained during the year are also required.

And suppose any of your clients are self-employed or in a partnership. In that case, they need to provide all information pertaining to profits or losses of the business, such as business records, partnership income & interest, and the tax deducted.

Your client’s tax returns must show all their income, so you need to clarify anything they are unsure of.

Capital Gains & Transactions

You will require information pertaining to capital transactions such as disposal of the main residence, disposals where gains exceed £11,000, property acquisitions, capital losses to be claimed, and other chargeable disposals, etc.

Records for Accounts

It will help if you collect your clients’ bank statements, loan statements, finance agreements, sales income, purchase invoices, expense receipts, business credit cards, petty cash receipts, stock value, payroll records, and stock value.

Other Key Details Required

• Unique taxpayer reference (UTR)- if your client is registering for Self Assessment for the first time or if they need to set up a limited company, a unique UTR number is required. It is a 10-digit code from HMRC.
• Government Gateway ID- your clients will also receive a 12-digit government gateway ID, a.k.a. their User ID, which is required to access their HMRC online account.
• Activation code- for the first Self Assessment, your clients will have received activation codes shortly after having set up their HMRC tax account online via their government gateway ID. This code is needed to complete registration for Self Assessment, access their tax account, and file their tax returns online.
• National Insurance number- this is required for recording any tax or National Insurance Contributions and can be found on most letters pertaining to tax, pensions, or benefits, as well as on payslips or P60s from current and previous employers.

Get Going!

Yes, this can be a long list of information required to sort, so you better get started early. Don’t forget to download the checklist and collect all the slips, receipts, and tax documentation to help your clients file their Self Assessments on time.

QXAS’ Self Assessment Tax Returns Can Help

QXAS’ Self Assessment tax returns outsourcing services ensure that you get all the support you need. When you sign up for our tax preparation outsourcing services, you will be able to find the status of each tax returns, ask for reports and also identify those that need more work. Our FTE managers will check all tax returns twice before we would submit them for your review.

Our dedicated team of tax preparers are highly trained and experienced in UK taxation and has excellent knowledge and understanding of tax documentation. They are also proficient in the latest tax preparation software such as TaxCalc, Sage, Capium, IRIS, and CCH.

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It’s just a few weeks until the busy tax season. Don’t procrastinate; outsource your paperwork today or assess our service risk-free with a FREE TRIAL.