Preparing for your self-assessment tax return: Records that you should have to hand to make completing your self-assessment tax return easier!
Whether you're just starting up or you have a growing small business, this article acts as both a beginners guide and a helpful refresher.
You will need to give details of all income that you have earned during the previous tax year which might include income from your self-employment, employment, property, interest on savings and investments and benefits.
You should ensure that you have access to the following documents:
- Bank Statements
- Household bills
- P60 (if you were also employed for all or part of the tax year)
Claiming all your allowable expenses means that you will have less income tax to pay. Allowable expenses might include things such as office costs, travel costs, stock. It could also include some of the costs of running a business from your home. You may be recording all of this in a book or an online accounting package or simply keeping all the receipts – however, you do it make sure you have all the information available when it comes to self- assessment time.
Your business records should be kept for a minimum of five years following the submission deadline of your self-assessment. This is because HMRC may request to check your records during this period.