Self-Assessment Tax Return: Information Required
Preparing your Self-Assessment Tax Return requires gathering comprehensive information about your worldwide income from all sources. This guide outlines everything you need to have ready to ensure accurate reporting and compliance with HMRC requirements.
Important Note
Your Self-Assessment Tax Return must report your worldwide income from all sources for each tax year, regardless of whether the income has already been taxed. The information below represents a comprehensive but non-exhaustive list of what may be required.
Employment Income
Essential Documents
- •P60 (for all employments)
- •P45 (for employments ceased during the year)
- •P11D statement of employment benefits
Taxable Benefits
- •Employee loans
- •Company car and fuel benefits
- •Living accommodation paid by employer
Self-Employment Income
Required Information
Income
Details of all income received during the tax year from your self-employment activities
Expenditure
Comprehensive breakdown of all business expenses incurred during the year
Capital Assets
Details of plant, machinery, vehicles, and furniture acquired (useful life over 2 years)
Partnership Income
If you're a partner in a business partnership, you'll need details of your share of profits or losses for the tax year. This information is typically provided by the partnership's designated partner.
Property Income
Property Trade Information
- Total rental income received during the tax year
- Detailed breakdown of all allowable expenses incurred
- Details of mortgage interest payments made for the year
Capital Gains
For any disposals of capital assets made during the tax year, you'll need the following information:
Acquisition Details
- • Date of acquisition
- • Acquisition costs
- • Enhancement costs (improvements/extensions)
Disposal Details
- • Date of disposal
- • Disposal proceeds
- • Costs of disposal
Investment Income
Dividend Income
- •Details of dividend income received (company name and amount)
- •Dividends received but reinvested
Interest Income
Details of total interest income received during the tax year from all savings accounts, bonds, and other interest-bearing investments.
Foreign Income
Overseas Income and Gains
All foreign income must be reported, including:
- ✓Foreign savings interest
- ✓Dividends from foreign companies
- ✓Income from overseas property
- ✓Foreign life insurance gains
- ✓Other overseas income and gains
- ✓Unremitted income
Taxable State Benefits
Certain state benefits are taxable and must be included in your Self-Assessment:
- • State Pension
- • Jobseeker's Allowance
- • Carer's Allowance
- • Employment and Support Allowance
- • Incapacity Benefit
- • Bereavement Allowance
- • Industrial Death Benefit pensions
- • Widowed Parent's Allowance
- • Widow's pension
Other Income
Don't forget to include any other income not detailed above. This could include casual earnings, prizes, commission, or any other taxable income received during the tax year.
Need Help with Your Self-Assessment?
Gathering all this information can be overwhelming. Our expert team at Synergy Consultancy Group can help you prepare your Self-Assessment Tax Return accurately and efficiently, ensuring you claim all available reliefs and meet HMRC deadlines.
Key Takeaways
- Start gathering your documents early to avoid last-minute stress before the 31 January deadline
- Remember to include worldwide income from all sources, even if already taxed
- Keep detailed records and receipts to support your claims and expenses
- Professional assistance can save you time, reduce stress, and potentially identify tax savings