Top Tips For Your Personal Tax Return

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