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Knowledge Base

Self Assessment Tax Return

01 January, 2009

A Self Assessment Tax Return is a personal not company responsibility and there is a catch-all situation regarding the completion of a return.

In the first place, HMRC does not automatically supply a Self Assessment Tax Return for completion; it is an individual's responsibility to ascertain whether a return is required. Certainly anyone receiving dividend payments or any change is personal circumstances should expect to complete a return.

In the second place, if a Self Assessment Tax Return is received, it must be completed and supplied to HMRC. HMRC will notify you in writing if you are no longer required to complete a Return. However, if your personal circumstances change, it is your responsibility to check with HMRC whether you should be submitting a return.

The majority of Returns are now filed on line. Currently the filing deadlines are set as:

  • An original paper copy by 31st October
  • On-line filing deadline is 31st January.*
  • Regardless of whether paper or on line filing is submitted, HMRC must receive payment for any outstanding tax by 31st January.

It is advisable to file and make payments in advance of the deadlines as late filing incurs a filing penalty of £100 followed by daily interest rates charges on any outstanding tax liabilities.

TRAFALGAR is able to prepare Self Assessment Tax Return for clients but as it is a personal not company cost, a separate invoice is supplied for the preparation and filing of the Return.

In order for TRAFALGAR to prepare a Self Assessment Tax Return for you, we require the information scheduled below.

PLEASE NOTE: *HMRC can take up to 7 working days to supply you with a registration reference number for on line filing.

Details required to complete a return

Trafalgar is able to prepare a Self Assessment Tax Return for clients. In order to complete a Self Assessment Tax Return we require the following personal details by 30 September:

  1. If you received any income other than from your limited company, please supply:
    • Copies of relevant P45 / P60 / P11Ds
    • Name of Employer
    • Employer Tax Reference
    • Gross pay
    • Tax deducted
    • Details of any Benefits in Kind (medical insurance cover, etc)
  2. Details of interest received from personal bank or building society accounts:
    • Details of each account(s)
    • Interest - Gross
    • Tax Deducted
    • Interest - Net

    For joint accounts please show your share and confirm percentage held

    Please note: Interest earned on ISA accounts is not required

  3. Dividends received from any shares*, unit trusts or other investments including foreign dividends**
    • Details of each share held
    • Name of Company
    • Shareholding
    • Dividend Net
    • Tax Credit

    For joint holdings please confirm percentage held

    Please Note: There is no need to disclose shares held in ISA accounts.

  4. If you bought or sold shares* during the year, the date of acquisition or disposal will enable us to disclose the correct amount of dividend.

    For joint holdings please confirm percentage held

    Point 3 and 4 *Please Note: Our tax database holds dividend information for the 300 most popular shares, so only confirmation of your holding is required in most cases.

    **Clients who hold Santander shares (formerly Abbey), disclosed in 'Foreign dividends', please supply copies of the dividend vouchers so the correct amount of foreign tax can be reclaimed.

  5. If you receive any property rental income:
    • Details of each property
    • Address of each Property
    • Whether let furnished or unfurnished
    • Gross Rental
    • Agents Fees
    • Mortgage - Interest only
    • Repairs and Maintenance
    • Other Expenses please specify

    Please indicate any joint ownership and confirm percentage held

    Please Note: Expenditure of a 'Capital' nature is disallowed in preparing property accounts but where a residential property is let furnished you receive a 10% wear and tear allowance based on the gross rental.

    Any items of a personal nature are also disallowed, e.g. if you lived in the property at any time during the year, this would be regarded as private use and the appropriate proportion disallowed.

  6. If you receive income from a pension or any State Benefits:
    • Details for each Pension
    • Name of Provider
    • Policy Reference
    • Gross pay
    • Tax deducted

    If you received any State Benefits e.g. Job Seekers Allowance, please let us know

  7. If you disposed of assets worth more than £36,800 or had net chargeable Capital Gains in excess of £9,200, please supply details or we can send you a separate questionnaire
  8. Please supply details of personal payments made into a Pension Scheme. Do not include payments made direct from your company.
    • Details of each Pension
    • Name of Provider
    • Policy Reference
    • Net premium paid from your bank account
    • Tax relief at 22%
    • Gross premium after basic rate tax added by Pension Provider

    Please Note: The amount of premium entered on the tax return is the GROSS premium. If you have any questions concerning personal pensions, please contact us.

  9. If you lived or work abroad for any time in year, we need to send you a separate questionnaire if you claim to be:
    • Non Resident
    • Not Ordinarily Resident or
    • Non Domiciled
  10. Please confirm your marital status.
  11. Details of any gift aid donations to charities.
  12. Any other information that you think may be relevant.

As HMRC has changed its policy concerning refunds, in case it is applicable for you, please supply us with the bank details for refund payment.

We email returns to clients, so please confirm your preferred email address for receiving the return.

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