What records do you need for your tax return?

Our experts guide you through the information you will need for your tax returns and refunds

It can get tricky when you get down to filling in your self-assessment tax return. Earning the money is all very well but now you have to account for it to HMRC and it can be difficult to know what information you need and what you don’t need. Luckily, our team of experts are at hand to guide you through the process. You could also check out our handy online calculator to see if you are entitled to a tax rebate and if you are, call our friendly team on 0330 122 9972 and let’s get that money back to you where it belongs.

What documents do you need for your tax return?

It makes really good business sense to keep good and detailed records of your business dealings to make filling in your tax return as easy as possible, as well as making sure that you have all the paperwork you need to back up any tax relief you might be able to claim on your business expenses.

Documents you will need to keep include:

  • Your P60 form, to show what tax you have paid.
  • Any P45s you may have received, if you have left a job during the tax year.
  • Your P11D form, if you received any benefits in kind from your employer.
  • Records of any other payments you might have received, such as any redundancy payment.
  • Details of any other untaxed income, such as untaxed tips or meal vouchers.
  • Receipts for any food and accommodation expenses, if you have had to stay overnight at a temporary workplace.
  • Details of any travel to a temporary workplace, if you are entitled to claim for mileage tax allowance.
  • Receipts for any tools, equipment or necessary work clothing you have had to repair, replace or launder during the tax year.
  • Any share option certificates, exercise notices or changes to your options.
  • Details of any employee shareholder benefits you received.
  • Details of any shares you have bought.
  • Income from any rental property you own and details such as expenses you have paid out as a landlord and details when you let the property.
  • Details of any foreign income you receive.
  • Details of any assets you have disposed of, in case you are liable for Capital Gains Tax (see our separate guide on Capital Gains Tax for more details)

If you are claiming tax relief on your expenses, you will have to prove to HMRC that you incurred the cost in the first place and that is where your receipts come in.

Even if you are a PAYE employee, if you are claiming tax relief in expenses over £2,500 you will have to use the self-assessment tax return system too, so you will also need these records.

What about details of benefits you receive?

You may also have to declare these in your tax return, so make sure you keep hold of any details relating to the following:

  • Details of any Statutory Sick Pay (SSP), Maternity Pay, Paternity Pay or Adoption Pay you received.
  • Details of any Jobseekers Allowance you received.
  • Details of any other social security benefits you have received during the tax year.

What about savings or investment paperwork?

If you have any savings, pensions or investments, then you will also need to keep records relating to these. You will need to keep the following:

  • Bank statements and building society statements or passbooks
  • Details of interest and income from any savings or investments.
  • Any tax deducted by the bank on your behalf.
  • Dividend vouchers from UK companies.
  • Unit trust tax vouchers.
  • Any inheritance you receive.
  • Any income received from a trust.
  • Any profits from any life insurance you have.
  • Pension details including your P160 (1A) form from when your pension started and your annual P60 form you get from your provider yearly.

We know that this seems like a lot of information for you to keep track of, but it pays to keep as detailed records as you possibly can when you are dealing with HMRC. That way you make sure you steer clear of any trouble, as well as claim your maximum tax relief. Our team of experts at DSR Tax Claims are always at hand to give you expert advice on how to keep your business records to maximise your tax relief and any rebate claims you may have so call us on 0330 122 9972.

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