The tax year to 5 April 2014 has just ended and if you have to fill in a tax return, now is the time to start putting your information together. The deadline to file the 2014 return is 31 January 2015, but it is never too early to start, especially if you think that you might have a tax repayment – the sooner we file your return, the sooner you will receive the refund. Even if you have tax to pay, it is best to find out as soon as possible to plan ahead for the payment and avoid a nasty surprise just before the deadline.

What sort of information should you be collecting?

  • If you are employee or director, you should receive your annual P60 form about now. If you have any benefits such as private medical or a company vehicle, you will also receive your P11D form in the next couple of months. Make sure you keep these safe.
  • Pensioners will also receive a P60 from their pension providers at this time. For the state pension, you will have received a statement from DWP showing your state pension for next year, which you should let us have.
  • Savers will be receiving the annual interest certificates from banks and building societies. Sometimes these are sent separately and sometimes they will appear on your account statement. If you receive dividends make sure you keep thee dividend vouchers you receive through the year. Some companies also send an annual voucher. Some savings plans will also send an annual statement. If you have taken money from a “with profits” policy then you may have received “chargeable event certificates” which we will need.
  • If you receive rental information, we will need to know all the income and expenditure for the year to 5 April. If you use an agent to manage the property, make sure you keep their statements. Keep receipts for all expenses, including gas safety checks, landlords insurance and any repairs. If you took a mortgage or loan to buy the property, we will also need the statements for this.
  • If you pay into a pension scheme, let us have the annual statement showing the amounts you have paid in.
  • If you are a higher rate taxpayer, you can also let us have details of any charitable donations made under gift aid during the year. Some charities allow you to gift aid memberships (e.g. National Trust or RSPB).
  • If you or your spouse or partner have income of more than £50,000 and one of you claims Child Benefit, we need to know how much Child Benefit was received in the year.
  • If you have sold an asset such a property, shares or other investments, antiques or other valuables, you might have Capital Gains tax to pay. In this case we would need details about the purchase and sale (dates, amounts paid or received and any associated costs).

Contact us now for more information about how we can help your business by calling 01432 263282 or email enquiries@youngand.co.uk