The 31 January self-assessment tax return deadline is now just four days away. With just a few days to go, now is the time to ensure you have everything in place to file on time and avoid penalties.

Here’s a checklist of what you’ll need and why acting quickly is crucial.

Four Days To Go

Before you start your tax return, gather the following essential documents:

• Unique Taxpayer Reference (UTR) and Government Gateway Login: Ensure you have access to your online HMRC account. If you’ve forgotten your login details, request a reset immediately.

• Employment Income (P60 and P45): These forms provide details of your salary and taxes paid through PAYE.

• Self-Employment Income and Expenses: Have your income records, invoices, and receipts for expenses handy to calculate your taxable profit.

• Dividend and Investment Income: Include statements showing dividends, interest earned, and gains from investments.

• Rental Income and Expenses: If you’re a landlord, compile your rental income statements and any allowable expenses.

• Pension Contributions: Gather statements showing personal and workplace pension contributions.

• Other Income: Don’t forget to include income from other sources, such as freelance work, side businesses, or overseas earnings.

• Student Loan Details: If applicable, you’ll need information about any student loans you’re repaying.

• Charitable Donations: Include records of Gift Aid donations, as these can reduce your tax liability.

Key Documents and Information You’ll Need

1. Procrastination: Leaving your filing to the last minute increases the risk of errors.

2. Missing Documents: Ensure all income and expense records are accurate and complete.

3. Incorrect Calculations: Double-check figures to avoid underreporting income or overclaiming expenses.

4. Forgetting Allowances and Reliefs: Make sure you’re claiming all eligible deductions to reduce your tax bill.

Four Common Pitfalls to Avoid

Navigating self-assessment can be time-consuming and complex, especially under pressure. Professional tax advisors, like The Tax Faculty, can save you time, reduce stress, and ensure your tax return is accurate and submitted on time. With years of experience and expertise, we specialise in helping individuals and businesses meet their tax obligations seamlessly.

Don’t wait until the last minute. Take action today. Gather your documents, check your information, and consider seeking expert help to ensure everything is in order. Contact The Tax Faculty today for professional advice and support with your self-assessment tax return. Let us take the stress out of filing so you can focus on what matters most to you.

Why Seek Professional Support?

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

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