Be prepared! Your self assessment checklist

When it comes to a painless self assessment, good record keeping is your secret weapon! 

Even if you are having an accountant or tax return specialist prepare and submit your tax return for you, keeping track of the required documents will ensure a much smoother and stress-free process. 

So here’s a checklist of the paperwork you’ll need to get your self-assessment ducks in a row! 

1. Proof of income

Accurately reporting your income is the foundation of your self assessment. The types of income you need to declare depend on your situation and could include: 

• Employment income: if you’re employed, gather your P60 (which summarises your total earnings and tax [paid for the year) and any P45 forms if you’ve changed employment.
• Self-employment income: Keep records of all invoices, receipts, and a detailed profit and loss statement.
• Rental income: If you’re a landlord, you’ll need documentation showing rental income, along with any allowable expenses related to the property.
• Investment income: This includes interest from savings accounts, dividends from stocks, and profits from other investments. Keep bank statements, dividend vouchers, and any relevant tax deduction certificates.
• Pension income: If you receive a pension, be sure to have your pension statements and P60s from your provider.

2. Business expenses

If you’re self-employed or a landlord, your expenses play a big part in determining your taxable income. Accurate record-keeping of business-related expenses ensures you can claim everything you’re entitled to. Examples of these expenses include:

• Office costs: This covers rent, utilities, and office supplies.
• Travel costs: Mileage, fuel, and public transport costs used for business.
• Marketing and advertising: Promotional costs like advertising, printing, or digital marketing.
• Professional fees: Accountant, legal, or professional membership costs.

Be sure to keep receipts and records for all expenses—haphazard documentation can result in missed deductions, costing you more in taxes. See our expenses guide for further information. 

3. Bank statements

Your bank statements serve as evidence for both income and expenses. They provide a way to cross-check the records you’re submitting, ensuring that you don’t miss anything. It’s helpful to have a dedicated business account to simplify the process and reduce the risk of mixing personal and business transactions.

4. Tax-deductible items

Make sure you’re aware of the various items eligible for tax relief. Common examples include:

• Charitable donations: Keep records of donations made to registered charities.
• Pension contributions: Statements showing any personal pension contributions.
• Gift Aid donations: If you opted for Gift Aid on charitable donations, this can further reduce your tax bill.

5. Other supporting documents

Finally, be sure to gather any other relevant paperwork that might affect your self-assessment, such as:

• Student loan statements: Include any repayments made toward your student loan.
• Capital Gains: If you’ve sold any assets, such as property or investments, keep records of purchase and sale prices to calculate Capital Gains Tax.

Why good record-keeping matters

Even if you hire someone to complete your self-assessment, poorly kept or missing records can cause delays, errors, and higher fees. Keeping your paperwork organised throughout the year not only makes the process easier but also ensures you don’t pay more tax than necessary by missing deductible expenses.

Let Liquid Friday help

At Liquid Friday, we make self-assessment easy—even if you’re not one of our contractors. Our expert team can handle everything for you, ensuring your records are in order and your tax return is completed accurately and on time. Reach out today and let us take the stress out of self assessment so you can focus on what matters most.