Self Assessment ... get organised!

Today is the 15th of November 2016 .. it is EXACTLY 11 weeks until the self assessment filing deadline, now that may sound a lot but there's Christmas & New Year in the middle and all the prep to go with that .. you are either manic with work because people buy from you or you are planning and prepping for yourself.  So, the reality is, it will soon be Christmas, then it's New Year and then .. that ARGGHH moment as you realise it is January and there's then only 4 weeks to go.  

Obviously I see lots of last minute returns and panics from clients, but it needs to be done and you've known it needs to be done since April.  Leaving it to the last minute is bound to lead to something being missed!

So, because I am lovely here is a "cut out and keep" list that will help you gather together the basics of what you will need:

  1. UTR Reference
  2. NI Number
  3. Employment information:


  4. Self employment information:

    If you keep accounting records, then well done, you should have what you need.

    If you don't keep any records then father together all of the paperwork and get it into some sort of order / fling system by type and if there is a lot, then by month:
    - Invoices raised
    - Receipts
    - Bank statements

    And .. think about being more organised next year so that you have a system in place to record things and file as you go! 
  5. Rental property / investment property:

    Collect together all your paperwork relating to the property:

    Expenses relating to the property
    - M
    anagement charges paid
    Rent received information
  6. Interest received

    If you haven't had the annual interest statement from your bank(s) then log into your internet banking as they are often on there to download.
  7. Dividends received

    If you receive investment income outside of an ISA then you will need to dig out the dividend statements for the year - set up a file for these for next year to keep them all together if you haven't got one already.

  8. Pension contributions paid

    If you are a basic rate tax payer then you don't need to worry, but if you are a higher rate tax payer then you will need to claim your additional tax relief via your self assessment form.
  9. Gift Aid donations

    If you are a basic rate tax payer then you don't need to worry, but if you are a higher rate rax payer than you need to keep a track of these to claim your additional tax relief.
  10. Capital Gains

    If you have any capital gains then please get in touch to discuss, as depending on what they are will depend on what information you need to collate.

There are 10 sections above, so work out how many apply to you and take great joy in crossing out those that don't and set yourself a target of when to collect the information for each section and just do it.

Good luck and any questions then get in touch.

Rachael Savage