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Things that are a must to discuss with your accountant when your Self-Assessment is being done.

When your self assessment is submitted with HMRC, the revenue authority will compare the information that has been submitted with information that they’d have been provided about you from other government agencies. In recent times, they are also gaining more powers to inquire with other financial institutions.

Therefore it is more important than ever now that self assessments should be accurate and representative of your earnings for each tax year. Generally the following are important to declare to your accountant during your discussions;

  • Income from Employments (P45s or P60s)
  • Salaries and Dividends earned as a Director
  • Self Employment Income and Expenses
  • Income and Expenses from UK properties
  • Interests from UK banks
  • Income from sale of properties and assets
  • State and other pensions and benefits
  • Child Benefits
  • Student loans

The checklist is much bigger than this but from our experience, the above elements have frequented issues that arise when submitting self-assessments.

Author

Fungayi Mukosera