In the nutshell, self assessment is a self explanatory term that denotes, an individual assesses his or her own earnings and expenses before sending directly to HMRC what the person owes.
And when it comes to providing the details about the income, one needs to include several financial information, such as:
- Charitable donations those are eligible for tax relief
- P60 information
- Your 10-digit Unique Taxpayer Reference
- The National Insurance number
- Records and documents in support of any expenses related to self-employment
- Details about the untaxed income from self-employment, dividends as well as interest on shares
The taxpayer is supposed to collate all the information by time and produce the same by the deadline while submitting the tax return.
While submitting the tax return, it is imperative to maintain the records of taxable income and gains. Throughout, the taxpayers need to set themselves up for self assessment tax return, by maintaining a copy and backup of invoices of every expense incurred and every documented gains in the form of bank statements, payslips, or rental income (in case of owners renting out their properties).
Besides, it is also important to maintain a track of every other business-related expenses and assets in possession of the individual. For instance, it may include the transportation logs used by the company vehicles for business related trips.
For further details, you can get in touch with us at AccountableUK. Our experts are available at 02380 576807 / 07957 461339 for you to contact and clear all your queries. They are also available for a meeting if that may meet your needs. You can also write to us at email@example.com for further queries.