What to Give Your Accountant for a Smooth Self Assessment Tax Return in Ramsbottom
If you’re a small business owner, freelancer or partnership based in Ramsbottom, it’s important to ensure that your Self Assessment tax return is accurate and submitted on time. However, many people find the process of filling in the form and calculating their tax liabilities daunting and time-consuming. This is where an accountant in Ramsbottom can help.
Using an accountant for your Self Assessment tax return has many benefits. Firstly, it saves you time and hassle as they can take care of all the paperwork for you. Secondly, they have expertise in accounting and taxation which means that they can help you reduce your tax bill by identifying any allowable expenses or reliefs that apply to your business.
However, when working with an accountant in ramsbottom on your Self Assessment tax return, it’s important to provide them with all the relevant information so they can complete it accurately. Here are some key pieces of information that you should give your accountant.
1. Personal Details
Your accountant will need basic personal details such as:
- Your name
- Your National Insurance number
- Your date of birth
2. Employment Income
If you’re employed then this will be shown on a P60 or P45 from your employer at the end of the financial year (5 April). If you have multiple employment then each P60/P45 should be given to your Accountant.
Self-Employment Income:
- For self-employed individuals, provide them with details about income earned through self-employment including amounts received from clients/customers.
3. Business Expenses
As a small business owner/ freelancer/ Partnership there are likely expenses incurred throughout the year which may be claimed against taxable income.
- Make sure these are accurately recorded and provided to accountants so any eligible claimable expense can be included within self-assessment calculations.
4. Investment Income / Dividend Payments Received
Any interest received from savings accounts etc., or dividends paid out by companies may attract taxation liabilities depending upon total amounts received.
5. Additional Income
If you have additional sources of income such as rental income from properties, this should be declared to your accountant in ramsbottom. Note that if the property is jointly owned then your share in the profits (or losses) should be calculated and provided.
6. Capital Gains
Any gains made through selling assets like shares or property are subject to Capital Gains Tax; accountants will need to know details of any such transactions
7. Pension Contributions
If you make pension contributions either personally or via an employer, provide details of these contributions.
8. Any other relevant information
It's important to inform your accountant in ramsbottom about any other relevant circumstances that may affect how much tax you pay. For example, if you’re making charitable donations or claiming Gift Aid relief on any donations.
In conclusion, working with an accountant in Ramsbottom can make a huge difference when it comes to Self Assessment tax returns. By providing them with all the necessary information on time and accurately recording expenses and deductions throughout the year, you can ensure that your return is filed correctly and promptly. This not only helps avoid penalties but also ensures that your business has accurate financial records for future reference.