This post will tell you exactly what paperwork we need to get started on your claim.

Summary

• For those of you that are self-employed, we are looking for an Annual Statement or Monthly CIS Statement from your contractor.

• For those of you that are employed under PAYE, we are looking for P60s or P45s for each tax year you wish to claim for.
  
  
  

If you don’t have everything, send us what you do have and we will work from there. You can request a callback to talk this over with one of our team. For more detail, look below.

Self-Employed (CIS)

• Annual Statement: Most contractors provide an Annual Statement at the end of the year which details how much you’ve been paid throughout the year, how much tax was deducted at source and how much you were left with. This is the most simple method for us to get started on your claim.

• CIS Deduction Statements: Monthly CIS statements are just as good as an Annual Statement. If you have worked for the entire year, we will need all 12 of these. If you haven’t worked for the whole year, we will need however many you have. Although contractors are legally obligated to provide these statements, we know that they sometimes don’t, in which case we have another option. 

• Bank Statements: If you don’t have either of the above documents, we can work from your bank statements and calculate how much tax should have been deducted at source. Of course, the bank statement will need to be for the bank account you have been paid into. The date we need will likely be from April to March the following year.
  
  
  

If you don’t have any of these, we may still be able to assist you. Call us to speak to one of our experts.

Employed (PAYE)

• P60/P45: This is the document issued by your employer at the end of the tax year (usually late April or early May). If your employment ended during the tax year, we will need your P45.

• Final Payslip: Alternatively, we may be able to use your final payslip. This will usually be dated Month 12 (or M12) or Week 52 (W52).

• HMRC Records: If you have an online account with HMRC, we can access your data electronically. Tell us you have an account and we will send you a link to authorise access.

If you’re having trouble locating your paperwork, we’re here to help. Give us a call.

Other Useful Information

Depending on your circumstances, we may need more information from you. Examples of these are as follows:

• Pensions: If you have received money from a pension, this may be taxable and would need to be included on your tax return. In which case, you should have been issued a P60. On the flip-side, if you have paid money into a pension you may be eligible for additional relief, so let us know!

• Other Income: Income outside of your main profession may need to be included on your tax return. If you have received rental income or have a 2nd job, make sure you tell us during our introductory phone call.

• Child Benefit: Child benefit is subject to a charge where either parent earns over £50,000, if you (or the other parent of your child) receives child benefit we need to know.

• Student Loans: If you have a student loan, this is dealt with within the tax system. Your loan must be noted on the tax return and your repayments will be collected by HMRC.

• Identification: As a professional company, we comply with anti-money laundering regulations. This means that we may need to ask for identification and proof of address, where this is not included with your other paperwork.
  
  
  

Not Required

• Non-taxable benefits: Income from some benefits programs (such as universal credit) is not taxable and does not need to be reported.

• Gifts: Genuine gifts are not subject to income tax in the UK and do not have to be reported.
  
  
  

Receipts

Receipts are always useful in allowing us to accurately calculate your expenses. It’s important to have a record for us to review to make sure we are making the correct decisions when preparing your tax returns. Receipts are always useful. If you’re not sure what to send, send everything and we will go through it all. Here are some useful receipt-related tips for you:

• Keep a mileage log: vehicle expenses are not always calculated by how much you spend. Instead, we can use your mileage to calculate how much tax relief you are due. If you haven’t already, start keeping a log of your work journeys.

• Alternatives: If you haven’t kept receipts throughout the year, bank statements or credit card statements can be used instead.

• Start Now: The best time to start keeping records is now. It’s always more difficult to go backwards and piece together information. If you need help recording your expenses during the tax year, we can help.
  
  
  

For Help

This information can be a lot to take in, especially for those new to the tax system. If you’re not sure how this applies to you, request a callback and one of our experts will be happy to help.