Self Assessment Tax Return Checklist 2024
Filing your Self Assessment tax return can seem overwhelming – where do you start? We feel that having a comprehensive tax return checklist can significantly ease the process. Whether you are a self-employed individual, someone with multiple income sources, or a landlord generating rental income, it is crucial to ensure that you claim all eligible tax deductions, tax reliefs and capital gains relief. This blog will guide you with al Self Assessment tax return checklist so that you can make the most of your deductions and tax-free allowances available.
Who must file a Self Assessment tax return?
You should file a Self Assessment tax return if you have fulfilled any of the following conditions in the previous year (from 6th April to 5th April):
- You were self-employed as a sole trader, and your earnings surpassed £1000 before deductions.
- You were one of the partners in a partnership business.
- Your overall taxable income was more than £150,000.
- You had paid capital gains tax on asset disposals.
- You were subject to the High Income Child Benefit Charge.
- You might need to file a tax return if you have untaxed income from rental properties, savings, investments and dividends, tips and commissions, and foreign income.
The complete Self Assessment tax return checklist you need:
Are you considering filing a Self Assessment tax return but do not know what information you need? Here is a comprehensive tax return checklist you should have before starting.
Personal details
Below are the personal details you will need before starting the process of filing a Self Assessment tax return if you haven’t filed one.
1. Unique Taxpayer Reference (UTR)
When you first register for a Self-Assessment tax return, you will receive a 10-digit number from HMRC, which is known as your Unique Taxpayer Reference (UTR) number. Keep it with you, as it is essential for your identification as a taxpayer, and you need it for future tax returns.
2. Government Gateway User ID
When you register for a self-assessment tax return, you will also receive a 12-digit number, your user ID. This number acts as a username to access your online account.
3. Activation code (only for your first Self Assessment)
If you register for Self Assessment for the first time, you should receive an activation code after creating your HMRC tax account using your user ID. This code is essential for accessing your tax account and completing the registration process for Self Assessment.
4. National Insurance number
The National insurance number is used to identify any National Insurance Contributions (NICs) and taxes against your name.
Income and expenses
There are a number of specific categories that you are presented with and which you need to allocate your income to:
1. Employment income
If you are employed, you need to collect your P60 from your employer, which will provide information on your earnings and tax deductions for the tax year. Also, you need to use the supplementary page SA102 form to record your employment income on your SA100 tax return.
2. Self-employment income
If your turnover was below the VAT threshold for the tax year, you should use supplementary pages SA103S to record your self-employment income; if it was above the VAT threshold, you should use supplementary pages SA103F to record self-employment income on your SA100 tax return.
3. Saving income
Income from savings includes interest earned from savings accounts, investments, etc. Gather this information together and keep this handy, as it is essential for your tax return.
4. Income from property
Landlords need to record all rental income and expenses, such as property maintenance, mortgage interest, and income from renting property, as a part of the tax calculation. You need to use supplementary pages SA105 to record your property income on your SA100 tax return.
5. Income from trust
Beneficiaries of a trust declare their income received from the trusts during tax returns.
6. Overseas Income
If you have income from foreign sources, such as rental income, you may need to showcase it on the supplementary pages SA106 on your SA100 tax return.
7. Income from partnership business
If you are one of the partners of a partnership, utilise the supplementary pages SA104S and SA104F to document a concise or full partnership income on your SA100 Tax Return.
Allowable tax deductions:
In a similar way, there are specific categories for declaring expenses which can be offset against any tax you have to pay, so you need to gather all of the relevant information together before you start the Self Assessment process:
1. Rental property expenses
You can claim allowable expenses related to your rental property, including property maintenance, letting agent fees, landlord insurance, travelling expenses, and mortgage interests.
2. Charitable contributions
Keep records of your Gift aid charitable donations to claim for allowable expenses when filing tax returns.
3. Self-employment expenses
Claim self-employment expenses include office setup costs, insurance, pension payments, professional fees, and equipment costs.
4. Pension statements
Collect the pension contribution statements to claim tax relief.
5. Business Mileage
You can claim business mileage tax relief if you use a vehicle for business purposes.
Subscribe to the Affinity Associates blog
Receive critical industry analysis and timely advice to power your business decisions and fuel growth.
We’ll only use your email ID to send you blog updates.
See our privacy policy.
Allowances and tax reliefs
There are a number of allowances which are made by HMRC which allow you to earn a certain amount before tax is payable:
1. Marriage allowance
If you are in a civil partnership or married, you may qualify to transfer up to £1260 from your personal allowance to your spouse or civil partner.
2. Personal allowance
Personal allowance refers to the income you can earn before tax applies. For the 24/25 tax year, it is £12,570 per year.
3. Blind person’s allowance
If someone is registered as blind, that person might be able to claim a blind person’s allowance.
4. Enterprise investment scheme / SEIS
If you are a private investor investing in eligible businesses, then you might claim for the enterprise investment scheme.
5. Taxable income
Make sure you understand what amount from your income is taxable. To calculate your taxable income, subtract your allowances and tax relief.
6. Tax-free allowances
Check which parts of your income are exempt from tax. Keep a record of your tax-free income with you for your tax return.
7. Loss relief
As a self-employed person, if you incurred a loss in your business last year, you might be able to apply for that loss to reduce your current income.
8. Pension contributions
The contributions to a registered pension scheme might qualify for tax relief by reducing your taxable income.
9. Property income allowance
Property allowance offers a tax exemption of up to £1000 annually for individuals earning income from property.
10. Job-seeker allowance
If you are actively seeking employment in the UK, you can claim Jobseeker’s Allowance (JSA) when filing for tax.
Other Information
1. Capital gains or losses
Record your gains and losses from selling assets such as shares or properties on the supplementary pages SA108 on your SA100 tax return.
2. Student loan
If you are repaying a student loan, you should keep a record of your student loan statement and the type of plan you are into. Various categories of student loans come with different repayment conditions and limits, and your income level might influence the total amount you need to repay.
3. Non-resident landlord scheme
If you are not a resident of the UK but earn rental income from your properties in the country, you must declare your tax liability as a non-resident landlord on your SA109 supplementary pages on your SA100 tax return.
4. Interest and dividends
Revenue from interests and dividends includes income from share dividends, interests from savings, rental income, and other earnings from various assets and investments. If you are a resident of the UK, you need to include domestic and overseas income
5. High-income child benefit
You might have to pay a high-income child benefit charge if you or your partner earn over £60,000. You need to take this into account when you file your taxes.
Self Assessment Tax return deadlines
You need to file your Self Assessment tax return to HMRC before the deadline.
- If you are obligated to submit a tax return and have not previously submitted one, you need to inform HMRC by 5 October by registering for Self-Assessment.
- If you plan to file a paper tax return, make sure to submit it by midnight on October 31st.
- When completing a tax return online, you submit it by midnight on January 31st.
- Typically, there is an additional payment deadline of July 31 for those who make advance payments towards their tax bill, referred to as payments on account.
Penalties
Beware of the tax deadlines and their submission methods. HMRC will penalise you if you miss the Self Assessment tax submission deadline. Make sure to mark your tax deadlines so you don’t miss them.
A late filing penalty of £100 will be imposed if your tax return is submitted up to 3 months past the deadline. The penalty amount will increase if the submission is delayed further and you pay your tax bill late.
Additionally, interest will be applied to any late tax payments. If your tax return is overdue more than 3 months after the due date, you may calculate the potential penalty amount on the HMRC website and the penalties for late payment. Nevertheless, you have the right to appeal against the penalty if you have a reasonable justification.
Benefits of hiring Affinity Associates for your Self Assessment tax return
Many people manage their tax affairs themselves and happily complete their Self Assessment tax return each year, paying whatever HMRC tells them is owed in tax. Have they completed it in the most tax-efficient way possible? Have they claimed all allowances and offset that they could? Would it be better for them to be sure by using a professional accountant?
Using one of Affinity Associates’ local accountancy practices for your Self Assessment tax return means you don’t have to wonder whether you have completed it correctly.
If you want peace of mind, here’s how we will help you turn your taxing ordeal into a seamless and stress-free process.
1. Never miss a tax deadline
Say goodbye to missing tax deadlines. We at Affinity Associates understand the importance of filing taxes on time. We will file the Self Assessment tax return on your behalf having reminded you about the tax deadline so that you can stay prepared from your end. We strive to ensure you never miss a tax deadline and face its consequences.
2. Help in tax savings
We focus on maximising tax efficiency for our clients. As your business partner, we will not only help you file taxes but also ensure that your business claims every allowable expense and benefits from every tax relief applicable.
3. Saves time and reduces stress
Most business owners find it stressful to spend time and effort on tax preparation and then file it accurately. Do not worry. We will take the burden off your shoulders by handling all the intricate tasks for tax preparation and filing your return. This will free up time and reduce stress, allowing you to focus on your core business activities.
4. Stay compliant and error-free
Due to changes in intricate tax regulations, making a mistake in your tax filing is very easy. This is where we come in, transforming your confusion into clarity. We will ensure that your Self Assessment tax return complies with UK tax regulations and is free from errors, thus shielding you from unexpected hefty penalties from HMRC.
Over to you
Effective planning and organising your tax return checklists and record-keeping of all your income and expenses throughout the year can make the process stress-free before the deadline.
The Self Assessment tax return checklist will help you comply with the requirements and facilitate a more streamlined tax return process. The best advice is to gather all of the information you need before you start the process.
If you are still unsure or would like to be confident you have accessed all of the tax-saving opportunities, book a consultation with us.
Our expert accountants will help you gather relevant information and complete your tax return while ensuring compliance with HMRC regulations.
