Do you dread preparing your personal tax return? Below are some top tips to decrease the pain and stress of preparing personal tax returns.
TIP 1: Keep all the information you need for your tax return in a safe place
TIP 2: Common Required Tax Return Items
- If you have a salaried job, keep the following PAYE (pay as your earn) documents, P60 (confirmation of the full year salary and tax deducted) and P11D (Benefits in kind statement).
- If you are a CIS contractor, keep all your CIS payslips with deductions, invoices, purchases and receipts.
- If you are a sole trader / partnership you will need to make sure you keep full accounts for your business so that these can be included in your self-employed pages of your tax return.
- End of year bank statements showing any interest paid to you and the tax deducted.
- Dividend vouchers.
- Rental income information, full income and allowable costs.
- All information of any capital gains or losses, for example sale of shares or a second home.
- Mileage expenses paid to you by your employer if paid at less than the tax free allowance
- Pension Contributions