Getting Organised For Your Self Assessment Tax Return


I have blogged about this in the past, but it is always good to refresh and review and remind you of what you need to get together for your self assessment tax return.  This is applicable whether you are completing your return yourself or utilising the services of an accountant – be that me or someone else. It is applicable whether it is your first time and your tenth time through.


Your employer will give you your P60 which details your income and tax for the tax year.  If you have received any taxable benefits they will also give you a P11d form and these figures also need to be included.

If you have been made redundant in the year and received any payment (including tax free amounts) then these all need to be included within the appropriate sections of the return.


If you are self employed then you will need to pull together (have someone pull together) your income and expenditure for the year as these figures need to be included in your tax return so that you are taxed appropriately on your profits. Remember that the money you take out of your self employed business is not included in working out your business profits!


For most small investors, their dividend income is covered by the tax free dividend allowance (currently £5k) but if you have dividends above this level (small business owners, large share portfolio) then they will be taxed and the rate will depend on whether you are a basic rate or higher rate tax payer.


Interest earned within ISA’s is exempt from being disclosed and from being taxed.  From 6 April 2017, the first £1,000 of interest (£500 for higher rate tax payers) is now tax free and banks no longer deduct tax from the interest that it pays.  For most, tax will no longer be payable on interest unless you are receiving significant amounts.


If you rent property then the profits from this are subject to tax. You will need to collate the rental income for the year and the costs associated with the property too – these can include: management fees, compliance fees (ie gas and electricity safety checks), repairs & maintenance, mortgage interest .. yes, the interest, not the whole payment!


If you have had any capital gains in the year (ie sale of stocks and shares, rental properties etc) then you could have Capital Gains Tax to pay. It is recommended that you speak to an accountant to help you with this to ensure that all claims and reliefs are appropriately made.



This list is not exhaustive and includes the most common areas for inclusion within your self assessment tax return.  

Rachael SavageComment