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You might think that it’s a bit early to be getting organised for your self assessment, the deadline isn’t until the end of January after all. But factor in Christmas and New Year and it will soon be here.  Plus, if you have an accountant do it, they will have LOTS of them to do and not leaving it to the last minute is greatly appreciated as they like to have time off over Christmas and New Year too, and not work every waking (and non-waking) hour in January too!

So how can you get yourself sorted?

·        UTR Number – when you registered with HMRC in order to complete your self assessment they will have issued you with a Unique Taxpayer Reference, you will need this for your return.

·        NI Number

·        Your details – OK, if you are doing your own return, then hopefully you know your full name, address and date of birth – but your accountant won’t necessarily have all this to hand so including it with your information pack again is always a good plan.

·        Employment income – you will need your P60 and P11d for the tax year.  Your P60 shows your gross pay and the tax you have paid for the year.  If you receive any taxable benefits then you will have been issued with a P11d form and these figures need to go onto your tax return.

·        Self employment – if you are self employed you will need to pull together (or have someone pull together) your income and expenditure for the year as these figures need to be included on your return so that you pay the appropriate tax on your profits.  Remember that money you take out of your business when you are self employed is not included in working out your business profits.

·        Dividends – if you have dividend income outside of an ISA then this needs to be included within your tax return, at the moment the first £2k of dividend income is tax free.

·        Interest income – interest earned within ISA’s is exempt from being disclosed and taxed, but outside of this if you have interest over £1,000 (£500 if you are a higher rate tax payer) then this will be taxed.

·        Rental income – If you rent out a property (or properties) then the profits from this are subject to tax.  You will need to collate the rental income for the year nd the costs associated with the property too (management fees, compliance fees, repairs, maintenance, mortgage interest etc).  But remember, the rules have changed and you cannot offset the all of the mortgage interest anymore.

·        Capital gains – if you have had any capital gains in the year (ie sale of shares, rental property etc) then you may have Capital Gains Tax to pay, in this instance I would recommend speaking to an accountant to ensure that all claims and reliefs are appropriately made.

Now you are organised – good luck!

Note: this list is not exgaustive and includes the most common areas for inclusion within your self assessment tax return.