Self Assessment 23/24 Checklist
5th April 2024 marked the end of the 23/24 tax year meaning from today we can now start preparing your self assessment for the year. Below is a checklist of information we would ask for to assist us in doing this. Not all will apply to you, but do read through in case there are income sources or information you didn’t realise had to be declared.
INCOME SOURCES
- Employment For all employments held during the tax year, you should have either a P60 or P45. If you have received taxable benefits during the year that aren’t on your payslip your employer should provide you with a P11d
- Rental Property If we don’t already have them please provide details of the property being let. Rental receipts any management fee paid split out separately. Details of all expenditure on the rental property during the year. Mortgage statement showing the capital/interest repayment split for the property.
- Sole Trader Business If you use online bookkeeping software, please notify us once your records are up to date. Otherwise email us your spreadsheet/digital records accordingly. If you keep hard copy books and records we would request these too.
- Bank Interest Bank interest is usually paid gross (no tax deducted), so summaries of interest received on any bank accounts is required. (You do not need to send us information about interest from cash ISAs)
- Dividends Dividends from any UK companies (Public or private) that you are a shareholder of (If we act for the company we will already have this information when we prepare the company accounts). We do not require dividends for companies held within stocks and shares ISA’s.
- Pension Received State Pension and Private pensions – please forward your p60 for private pensions
- State Benefits e.g Jobseekers or maternity allowance
- Other Income
Capital Gains – if you sold any shares or other assets in the tax year, including property we will need a breakdown of what you sold, when you sold it and the amount you sold it for.
Foreign income – if you are UK resident then you need to declare your worldwide income on your UK tax return. You’ll need to provide details of any foreign income received during the tax year including any foreign tax paid.
OTHER INFORMATION
- Job Expenses – Mileage, Professional subscriptions, Uniform Allowance, Work from home allowances
- Pensions Contributions – Personal pension contributions: provider name, contract/membership number, amounts and dates
- SEIS/EIS (Enterprise Investment Scheme) Certificate from HMRC (form SEIS3) for each investment
- VCT (Venture Capital Trusts) Similarly any investments made into VCT
- Charitable Giving Primarily in relation to higher rate taxpayers, we would need the charity name, donation amount, date of donation and whether or not gift aid was claimed
- Child Benefit If you receive child benefit and are earning over £50,000 we will have to indicate this on the return
- Marriage Allowance eligible? If one spouse is below the higher rate threshold (£50,270) and the other spouse is below the personal allowance (£12,570) you can claim the marriage allowance
- Any Tax Code notices received
- Student Loans Notify us if you have a student loan and whether you have made any additional contributions throughout the year
- Any change of circumstances – Please let us know if there are any changes to your personal details including, name, address, marital status and number of dependents
As ever, if you are unsure whether something needs to be included or not, just ask!
The deadline for submitting the 2023/24 Self Assessment Return is 31st January 2025, however we advise all clients to arrange for their returns to be completed as soon as possible to allow for proper planning and avoid the last minute rush