Below is a checklist of common sources of income and reliefs that may be claimable to help you determine what information to provide us to allow us to complete your tax return accurately. If you have any income sources not listed, please contact us so we can discuss your specific circumstances.
01 Employment income
- P60s/ P45s/ P11Ds/ payslips/ PAYE coding notices
- Employment expenditure not reimbursed/ only partially reimbursed e.g. professional subscriptions, business mileage paid at less than 45p/mile
- Details of any share options granted/ exercised
- Lump sums/ compensation payments/ redundancy payments received
02 Self-employment/ partnership income
- Total business income, including grants and other receipts
- Total business expenditure, including any private usage percentages
- If you use online accounting software, please let us know when this is up to date so we can commence work on the accounts
- If you started a new self-employment/ partnership after 6 April 2024 or ceased trading prior to 5 April 2025, please advise
03 Pension income
- State pension received (if available, DWP letter showing pension from April 2024)
- P60s for all other pensions received
04 Benefits/ child benefit
- e.g. Job Seekers Allowance, Incapacity Benefit, statutory redundancy payments
- Child benefit received, plus how many children this related to (even if paid to your partner), and dates commenced/ ceased
05 Income from land and property
For each property, please provide details of:
- Income received
- Expenses, including mortgage interest
- Confirmation of whether let furnished or unfurnished
- Confirmation of property ownership if owned in joint names
06 Income from savings and investments
- Bank interest received on all interest-bearing bank and building society accounts, including term deposits. Where tax deducted at source, please provide details
- Interest on National Savings accounts and bonds
- Interest from government stocks and bonds
- Interest received on any loans to private individuals
- Tax certificates for dividends received, including stock dividends and unit trusts
- Consolidated statements for managed investments
- Interest received on PPI compensation claims
07 Surrender of bonds/ life assurance policies
- Chargeable event gain certificate(s)
08 Purchase or sale of capital assets (e.g. property/ shares)
- Details of purchase/ disposal, including legal costs, plus legal ownership
- If property has been sold which has been your principal private residence, provide dates
- Details of any assets gifted to others in the year
- Copy of any capital gains tax returns already submitted to HMRC (due within 60 days of completion date)
09 Student loan
- Copy of most recent SLC correspondence
- State whether Plan 1, Plan 2, Postgraduate Loan plan (Plan 3), Plan 4 or Plan 5
10 Pension contributions
- Contributions made during the year for any retirement annuity or personal pension schemes
11 Other tax reliefs
- Charitable donations by gift aid/ covenant
- EIS/ SEIS certificates
- VCT investments
- Personal loans invested in a trading business
12 Marriage Allowance transfer
- If you have made an election, please advise
13 Foreign income/ gains
- e.g. foreign interest/ dividends/ property income/ pension income
- Details of the country income came from
- Any foreign tax already paid on this income
14 Income from a trust or settlement
15 Any other relevant information
- If you have been in receipt of any other income, or incurred any expenditure that you feel may be relevant, please provide details
- If you consider that you are non-UK resident for tax purposes under the Statutory Residence rules, please let us know and provide details
Other useful information
Taxation of dividends
You do not pay any tax on any dividend income that falls within your Personal Allowance.
You also get a dividend allowance each tax year. You only pay tax on dividend income above the dividend allowance (£500 for 2024-25).
Capital gains
You only pay CGT on overall gains in excess of your annual exempt amount (£3,000 for 2024-25 onwards).
If you disposed of a residential property that was not your main residence, in most cases a capital gains tax return needs to be submitted to HMRC within 60 days of completion, together with CGT payment.
Tax relief for landlords
The old 10% wear & tear allowance was abolished in 2016. Landlords can now claim Replacement Relief.
From April 2020, relief for mortgage interest and other finance costs on residential property is restricted to the basic rate of income tax (20%). This means all finance costs will no longer be an allowable expense when calculating taxable rental profits. An adjustment is required, which gives a basic rate tax deduction after rental profits have been taxed.
Marriage Allowance
Allows you to transfer £1,260 of your Personal Allowance to your spouse/ civil partner (if they earn more than you). This reduces their tax by up to £252.
To benefit as a couple, the lower earner must have income below the Personal Allowance, and the other must be a basic rate taxpayer.
Other tax-free allowances
You can get up to £1,000 tax-free allowances per tax year for property/ trading income.
If you have both types of income, you will get a £1,000 allowance for each. This can be claimed instead of actual expenditure if more beneficial.
