Essential Checklist for Your Personal Tax Return - Ensure You Get the Most Out of It!
Essential Checklist for Your Personal Tax Return - Ensure You Get the Most Out of It!
Filing your personal tax return can feel overwhelming, especially when you're trying to ensure you don’t miss any important details. Forgetting even a single item could create complications or mean you’re not getting all the reliefs you're entitled to. To help you navigate this, we’ve compiled a list of the common items to include for personal tax.
Keep in mind, this is not an exhaustive checklist but a helpful guide to ensure you’re covering the essentials when dealing with HMRC.
For any employment income, ensure you have a copy of your P60 and/or P11D for the tax year. If you left a job during the tax year, you will need your P45 as well.
If you’re receiving a pension, you should have a P60 for the full tax year, or a P45 if you withdrew a lump sum. Be sure to include this information when filing.
Include any interest earned from bank accounts or other investments during the year. Note that interest from ISAs is tax-exempt, so it does not need to be included.
Report any dividends you've received from shares. Keep copies of your dividend vouchers for reference.
If you’ve contributed to a personal pension scheme, include the provider’s details, the scheme number, and the amount paid in. This may help you qualify for additional tax relief.
If you own a property that you rent out, report the income received and any allowable expenses, such as insurance, agent fees, repairs, maintenance, utilities, and mortgage interest.
If you’ve started self-employment, you need to report your earnings. Include all your business income and note any allowable expenses.
Chargeable events, like the acquisition or disposal of property or shares, should be included on your tax return. You may have a certificate that details any gain made from such an event.
If you’ve made donations to charity under the Gift Aid scheme, be sure to include the charity name and amount donated. Gift Aid can enhance the value of your donations, making them eligible for tax relief.
This applies if you or your partner earns over £50,000 and are receiving Child Benefit. Provide the total Child Benefit received during the year and the number of children it covered.
Marriage Allowance can be beneficial if your income is below the tax-free personal allowance and your spouse pays income tax at the basic rate. You can transfer 10% of your allowance to them. If you’ve applied for this in previous years, make sure to include the details.
If you’re repaying a student loan, you need to specify which plan type you are on (Plan 1 or Plan 2). This helps ensure you are paying the correct amount based on your income.
If you need more assistance or want to make your tax filing as hassle-free as possible, check out Gondal Accountancy's personal tax service page. For more helpful content, feel free to explore our blog articles.
Filing taxes doesn’t need to be a headache. With Gondal Accountancy's preparation and the right guidance, you can make all the difference!
Disclaimer: Please be advised that the content of this blog is meant to serve as general information only, and should not be considered as tax advice. Given the complexity of tax laws and the potential for regulatory changes, it is strongly advised that you seek the guidance of a qualified tax professional or financial advisor prior to making any decisions based on the information contained in this blog. Please note that neither Gondal Accountancy nor its staff assume any responsibility or liability for any decisions made or not made as a result of the information presented in this article.
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