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Information you need to supply your accountant

When it comes to tax return time with the deadline quickly approaching, it can be a frantic dash to the accountant’s office with bags of receipts. Your accountant won’t thank you for this and what will likely follow is a series of telephone calls or emails asking you for additional information that relates to the right year!

To make life easier for both you and your accountant, here are the records they will need to create your accounts and tax return:


Your accountant will require all statements for business accounts for the entire tax period, which runs starts from 6th April of the previous year. You most likely have one main account, but if you also have a reserve or deposit account, they will need statements for those too, to follow any movement between accounts. If you still use cheque books and paying in books, include these too.

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Any loan statements that you have will also be required. It’s worth getting the balance at year end as the interest is tax deductible.

Statements for any business credit cards are also required. If you have a personal credit card that you’ve used for business expenses, then remember to include this information as well.

Any finance agreements taken out during the year will also need to be divulged to your accountant. This could include a hire purchase for example. The interest on the repayments is also tax deductible and whatever you’ve purchased could also be classed under your annual investment allowance. By not declaring it, you could be adding hundreds onto your tax bill unnecessarily.

Payroll records will need to be produced, unless your accountant also does this for you. For an Accountants Cheltenham, contact aA Cheltenham Accountancy Practice https://www.randall-payne.co.uk/

Sales income is another must. You’ll need to include all your invoices for the year, paid or not. For online stores, the accountant will you’re a total sales figure before fee deductions.

Purchase invoices and receipts for expenses should be supplied otherwise it might just rely on guesswork and you could end up paying more than you should. Petty cash receipts are also required.

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Tax Return

For any employed work, you’ll need to produce a P60 or P45.

You’ll also need to dig out any information regarding payments made to a private pension. Bank interest received during the year, not including ISAs, also has to be included and don’t forget your savings account as well.

Dividends received, no matter how small must also be declared. Any rental income you receive, and mortgage interest is also included.

You must also declare any other income you received during the relevant tax year. This could include selling a rental property, engaging in other self-employed activities or the sale of shares.


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