Filing your tax return
Many individuals and businesses have an accountant to assist with their tax affairs. Engaging expert help reduces the risk of errors occurring and means submission and payment deadlines are reliably met. But that doesn’t mean you don’t have obligations. Here, we outline what your accountant needs from you in order to ensure the submission process goes smoothly.
When is the submission deadline?
For the 2024-25 tax year, self-assessments must be filed and payments made by 31 January 2026. It’s important to be mindful of this date and send the relevant documents to your accountant in plenty of time. Sending them the details they need in the last week of January may result in late filing and therefore penalties.
What does my accountant need:
Your accountant will require the following:
- Employment income – If you earn income through employment, your P45 or P60 should be provided.
- P11d – If you receive any benefits-in-kind through your employment and they have not been taxed through payroll, you will need to provide a P11d.
- Dividends – Documentation for dividends received during the tax year, either from your company or from investment in other companies.
- Rental income – Any details of rental income and property management expenses, including statements from your letting agent, mortgage interest details and costs paid in relation to the upkeep of your property.
- Private pension payments – Any personal pension payments you have made.
- Charitable donations – Details of any gift aid donations you have made.
- Bank interest – Information on any interest you have received, excluding ISAs.
- Other income or gains – Any other taxable income you have received from a side hustle or capital gain should be shared.
Documentation
Sharing the following documentation with your accountant will help them to file an accurate tax return and ensure you do not over- or underpay tax.
- Bank statements from your business bank account and any other relevant accounts, such as a deposit or reserve account
- Loan statements for any business loans you have
- Copies of any new finance agreements taken out in the tax year.
- Business credit card statements
- Details of all sales income
- Purchase invoices and expenses receipts
- Petty cash log and balance
- Payroll records, if payroll is not handled by your accountant
- Details of your end-of-year stock valuation
Does bookkeeping software make it easier?
Paper recordkeeping is being increasingly shelved in favour of cloud accounting. Using online software to keep track of your income and expenses is far more efficient and makes storing documentation easier. It also means that your accountant can be granted access to your platform, enabling them to retrieve much of the information they need at will.
Furthermore, cloud accounting software means that when the transition to Making Tax Digital (MTD) occurs, you will be familiar with the processes and programmes required. Your accountant can provide training on selected platforms.
Invest in accounting services
If your business doesn’t yet use an accounting service for help, consider finding a reputable provider today. Accountants can assist with bookkeeping, tax returns, payroll and more, reducing the burden on company owners and managers.
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