Information Needed by Your Accountant for the Year-End Taxes

 

Tags – What information do I need to give my accountant for taxes? – What do accountants need for year end?

 

We are getting closer to the end of the year tax submission deadline.

This means that thousands of businesses, possibly including you, are gathering all the relevant information to be submitted to your accountants. However, chances are that you may miss out on the required information and will have to go back to some further digging.

Given that you are already on this page, we are assuming that you are doing your homework before going in.

So, here is our checklist of what you need to bring to your accountant for year-end taxes.

 

1. Business Records

Even though business records is an ambiguous term, in terms of accounting, it just means financial records of your business.

This includes:

 

  • Bank statements – Please make sure that the statements cover the complete taxation period. In addition, if you have more than one business account, please include statements from all accounts.
  • Loan statements (if any)
  • Business credit card statements (if any)
  • Financial agreements (if any) – This includes any agreement where money was exchanged. Specifically, anything from a new item bought for the office to buying a new property needs to be quoted. This is important because all these expenses are tax deductible and will help you reduce your overall tax.
  • Payroll records
  • Income records
  • Records of money spent on small business items – Generally included as petty cash. In particular, you might have taken out a small amount of cash for expenses within the office, e.g. buying a box of coffee or getting some stationary from the local shop. At Least the amount taken out for such expenses needs to be known by your accountant.
  • Stock value (if applicable)
  • Relevant mileage records – It is important to understand that not every journey is included in business mileage. However, if you are travelling for a meeting, for instance, you need to keep track of that and present it to your accountant.

 

 

2. External Income Records

This section applies only if you have external income and/or relevant expenses, in addition to your business. Please make sure that the information provided only covers the tax period.

Specifically, this includes:

 

  • Employment income – If you are employed outside your business currently or at any point during the taxation period, your need to submit this information to your accountant. To make matters simple, all your need to present is a P60 or P45 form, which can be obtained through your employer.
  • Employment benefits – This includes any added benefits you were receiving alongside your employment. For instance, company car or childcare costs need to be submitted as benefits. Again, to make matters easier, this information needs to be submitted as a P11d form.
  • Private pension payments (if any)
  • Dividends (if any)
  • Rentals (if any)
  • Any other income

 

 

To learn more, get in touch with us today.

 

And, to learn about other areas of taxation, please check:

  1. Tax Residence – Determining if You Must Pay Taxes in the UK
  2. Inheritance Tax: Understanding Gifts and Exempt Transfers
  3. Child Tax Credits: How do They Vary?
  4. Tax Relief for Expenses of Employment – The Share Incentive Scheme
  5. 3 Accounting Avenues to Support Property Landlords

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