Accountant in Ramsbottom: What Information to Provide for a Smooth Self Assessment Tax Return

As a small business owner, freelancer or partnership, submitting a Self Assessment tax return is an annual task that needs to be completed. It can be a daunting and time-consuming process, which is why many people turn to the services of an accountant in Ramsbottom. However, simply handing over your financial records and expecting your accountant to complete the return without any input from you could result in errors being made.

To ensure a smooth Self Assessment process with an accountant in Ramsbottom, it’s important to provide them with all the relevant information they need. This not only ensures that your return is completed accurately but also helps your accountant identify any potential tax savings or allowances that you may be eligible for.

Here’s what information you should provide to your accountant in Ramsbottom for a smooth Self Assessment tax return:

1. Personal details

Your personal details will include your name, address and National Insurance number. If you’re married or in a civil partnership, you’ll also need to provide your spouse’s details if they have income that needs to be included on the tax return.

2. Income sources

You’ll need to provide details of all the income sources that need to be included on the tax return such as self-employment income, rental income or dividends from investments.

3. Business expenses

If you’re self-employed or run a business as part of a partnership, you’ll need to provide evidence of all allowable expenses incurred during the year such as office rent/mortgage payments, travel expenses and equipment costs.

4. Bank statements

Your bank statements will show any incoming and outgoing transactions related to your business activities which will help identify any missing income sources or business expenses not yet accounted for.

5. Pension contributions

If you make pension contributions through either yourself or via an employer scheme then this needs to be declared on your Self Assessment form so that HMRC can calculate how much relief should apply towards reducing taxable profits.

6. Capital gains/losses

If you’ve made any gains or losses from selling assets such as property or shares, these will need to be included on your tax return.

7. Rental income

If you own a rental property, your accountant will need to see details of all the incoming and outgoing transactions related to the property. This includes mortgage payments, repairs and maintenance costs and rental income received.

8. Employment Income

If you’re employed by someone else, you’ll need to provide evidence of any employment-related income that needs to be included on the tax return such as salary slips or P60 certificates.

9. Gifts & Donations

Donations made under Gift Aid scheme can be claimed back from HMRC via Self Assessment Tax Return which in turn reduces your taxable income for the year.

10. Pension contributions

Pension contributions can also help reduce taxable profits for self-employed individuals so it’s important that these are declared on your Self Assessment tax return.

11. Other sources of income

Any other sources of income such as bonuses or interest earned from savings accounts should also be declared on your tax return.

By providing all this information in a timely manner, you’ll ensure that your accountant in ramsbottom has everything they need to complete an accurate Self Assessment tax return for you with minimal fuss and hassle. It’s also important to remember that if there are any changes in circumstances after submitting the form then it is essential that these are reported straight away so they can be taken into account when calculating how much tax is owed for the year.

In conclusion, submitting a Self Assessment tax return may seem daunting at first but by using an accountant in Ramsbottom and providing them with all relevant information required will not only ensure an accurate submission but also could potentially save money through identifying allowable deductions and expenses during this process!

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