5 April is fast approaching bringing with it the end of the tax year. It doesn’t have the same excitement, fireworks and celebrations as the end of the calendar year, however, both often have people making resolutions around their finances and getting organised with paperwork.
So what paperwork does your accountant (hopefully us!) need to prepare your associate accounts and tax return?
We will need:-
- Associate income schedules
- Details of professional subscriptions
- Details of indemnity insurance premiums
- Details of professional course fees
- Details of travel costs and expenses related to courses or other business journeys. Travel to and from a permanent place of work is not allowable
- Details of interest earned
- Details of dental or office equipment purchases that are for your business
- Details of telephone costs
- Details of uniform costs
- Details of other taxable income and expenses e.g rental properties
- Details of your student loan balance
- Details of any child benefit you claim
- Details of training costs (training which updates existing knowledge, not teaches new knowledge)
- Details of any income from other employment (P60s / P45s / P11ds and payslips)
The sooner after 5 April you can get the information to your accountant the earlier your accounts and tax return can be drafted. This will help enable you to plan HMRC tax payments and potentially plan other financial decisions. Your accountants will also be incredibly grateful as, to let you in on a trade secret, April and May are a little quieter than the summer onwards!
Contact Emma Hind or Rob Oliver for help and advice.
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