Self Assessment Checklist

Any individual who has completed a self assessment tax return will say that there’s a significant amount of planning and information involved. That’s why we have created this self assessment checklist to help you get through your tax return for.

Self Assessment is HMRC’s way of collecting tax from self-employed people and other eligible individuals in the UK. Every year, certain individuals will need to file a return declaring their profit from the previous tax year alongside other gains, and pay any tax that they may owe.

Self Assessment Tax Return Key Dates
It’s important to understand the key dates and deadlines for Self Assessment in the UK.

Self Assessment tax year
This is the period you are filing the tax return for in 2021/22

6th April 2021 – 5th April 2022

Paper filing deadline
31st October 2022

Online filing deadline
31st January 2023

Find Out If You Need To Register For Self Assessment
It isn’t just sole traders who need to fill in a tax return. Find out if you need to do a self assessment.

If you need to file a self assessment and you haven’t registered for self-assessment, you should do so immediately. It’s also best practice to allow seven to ten days for your UTR to arrive. You will also receive a PIN number that allows you to register for the Government Gateway, giving you access to the HMRC online services.

Before starting your self assessment tax return, ensure you have the following

My PIN
My UTR number
My Gateway ID

Choose The Right Self Assessment Form
The basic self-assessment form that individuals will need to filed is called the SA100.

• Check you have access and can complete the SA100

Be Aware of Other Self Assessment Supplementary Forms
Depending on your financial circumstances, you may also need to fill in the following:

If you receive other income from employment
If you have additional wages or other income from employment you’ll need an SA102.

• Check if you need to complete a SA102

If your business annual turnover is less than £85,000
If you’re self-employed, and your annual turnover is below £85,000 (the current VAT cut-off point), you should complete an SA103S.

• Check if you need to complete a SA103S

If your business annual turnover is more than £85,000
If you’re self-employed and your turnover is above £85,000, you need to fill in an SA103F.

• Check if you need to complete a SA103F

If you are in a business partnership
If you belong to a partnership, each partner should fill in either a short (SA104S) or full (SA104F) partnership form, depending on the nature of their income and activities.

• Check if you and your partner need to complete a partnership form (SA104S or SA104F)

If you receive income from property
If you’re a landlord, or otherwise receive income from property, you’ll need an SA105.

• Check if you need to complete a SA105

If you receive income from outside of the UK
If you receive income from work, investments or other sources not based in the UK, you need to complete an SA106.

• Check if you need to complete a SA106

If you receive income from a trust
If you receive income from a trust or settlement, you’ll require an SA107.

• Check if you need to complete a SA107

If you have made a capital gain
If you have made money through capital gains, you should complete an SA108.

• Check if you need to complete a SA108
• Once you’re aware of all the different self assessment forms you may be required to fill, you should have these following records on hand to help ensure you fill the form accurately.

Self Assessment Records of Income

Employment
You will need to have these employments records to showcase employment held during the tax year. These are your:

• P60
• P45

Rental Property
If you receive income from rental property, we will need the following documentation:

• Details of the property being let these include (but not limited to) date purchased, price paid, and other costs on purchase
• Details of rental receipts during the tax year
• Details of all expenditure on the rental property during the year these include (but not limited to) insurances, repairs and maintenance and advertising costs
• Mortgage statement showing the capital/interest repayment split for the property
• If you sold your property during the year, you will also need the date sold, selling price, legal fees and other costs on sale.
• If you rent a room in your house then you will need details of the income received during the year.

Business Income
These include any income gained when conducting business such as

• Any sales that you invoiced your customers for during the tax year
• Any sales that you completed the work for during these tax year but haven’t yet invoiced for.
• Any other sales to customers.
• Any private sales of goods (on sites such as eBay or Gumtree) that relate to your business.

Bank Interest
At the end of the tax year your bank will send you a certificate showing how much interest you’ve received on each of your accounts and how much tax you’ve paid on that
interest.

Dividends
If you hold personal investments, dividends and other income that you have received.

• Dividends on any shares owned in limited companies.

Other sources of income.

The most common types of other sources of incomes are as follows:

• PENSION RECEIVED. this can be either state and / or private
• Benefits. This can include jobseeker and maternity allowance
• Capital Gains. This can be profit made from selling shares or assets such as crypto gains
• Foreign income. This can be income you have received outside of the UK

Self Assessment Records For Tax Reliefs
You may be able to claim back certain business expenses, including (but not limited to) expenditure on:

Travel
This can be personal expenses made during work that required you to travel with your own personal or company vehicle such as cars, vans and motorcycles.

Clothing
This can be personal expense during work made to fulfil a dress code and any other associated costs such as cleaning.

Subscription
This can be a personal expense where your job requires you to hold a membership to a professional body.

Pensions Contributions

There two types pensions you may be able to claim tax relief on:

Personal contributions

If you contribute to a personal pension, you may be able to claim tax relief. You will needs details of:

• The provider’s name
• Your contract or membership number
• The amounts and dates of the contributions
• Your annual pension statement

If your company contributes to your pension on your behalf, you may be able to claim tax relief if your company contributes after tax.

Charitable Giving
In the UK, charitable giving and donations are eligible for tax relief. If you made donations to a qualifying charity and claimed gift aid then you may be able to claim additional tax relief.

We have a separate resource regarding tax relief and how to claim tax relief on your self assessment form.

Can I Hire A Self Assessment Accountant?
Yes, you can! Our team of tax and self assessment accountants are experts in UK tax legislation.

Through MJ Kane, you can be assured your self assessment tax return is filed correctly and timely whether you are an individual or a director of a limited company. A professional accountant can ensure your are only liable for the correct amount of taxed owed.

You can get started with our Self Assessment Accountant Services by arranging a call back with our team on the form below.

Alternatively, for urgent queries please call us at:

Tel: 028 9335 0290

Self Assessment FAQs

What Do I Pay Taxes On?

• Money you earn from employment
• Profits you make if you’re self-employed – including from services you sell through websites or apps
• Some state benefits
• Most pensions, including state pensions, company and personal pensions and retirement annuities
• Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
• Benefits you get from your job
• Income from a trust

What types of businesses do MJ Kane Accountants serve?

MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

• Professional services – Real estate agents, insurance agents, financial advisors and more
• Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
• Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
• Health and wellness – Gyms, salons, spas, dentists and more
• Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more

I am a Sole Trader, do I need to complete a Self Assessment?

Sole Traders are required to submit a self-assessment tax return.

I am a Partner in a partnership, do I need to complete a Self Assessment?

Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

I am a Director of a limited company, do I need to complete a Self Assessment?

Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return.

How Will Your Self Assessment Accountant Help Me?

Through our tax return accountants service, we will work to minimise any tax owed while preparing your Self Assessment. Our service is tailored for each individual but depending on your circumstances we can also claim for relevant expenses, allowances and tax reliefs on your tax return. We also offer a one-off tax advice where we can help you understand your UK personal tax situation.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years.

For companies this should be a minimum of 6 years.

You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

How Do I Claim Tax Relief on Self Assessment?

Within the self assessment form there’s a series of supplementary pages, this is particularly important if you’re self-employed or receive income from another source – you’ll  use this section to help claim tax back from HMRC.

Read more about how to claim tax relief on your self assessment

Do I need to complete a self assessment form if I am small business owner?

Yes. Small business owners are considered self employed persons and are required to complete a self assessment form so HMRC can tax earnings appropriately.

Learn more about self assessment for small business owners.

What Do I Need For My Self Assessment Form?