12 days to go! The countdown to Christmas has begun, and for Christmas we’re giving you help and advice you toward your upcoming tax return deadline.
Don’t spend your Christmas holidays stressed about your tax return deadline next month, contact us and let us do all the work.
It is extremely important to keep records if you are required to send a Self Assessment return. There are no rules on how you must keep these record. You can keep them on paper, digitally or as part of a software program. However, the HMRC will issue penalties to those whose records are not accurate, complete and readable. You may have to pay interest and penalties if your figures turn out to be wrong and you haven’t paid enough tax.
If records are lost or destroyed you can normally get copies from banks, suppliers etc.
You must keep you records for at least 22 months after the end of the tax year the tax return is for.
Employees and limited company directors
You should keep documents about your pay and tax including:
· Your P45 – if you leave your job, this shows your pay and tax to the date you left
· Your P60 – If you’re in a job on 5th April, this shows your pay and tax for the tax year
· Form P11D- This shows your expenses and benefits, like a company car or health insurance
· Certificates for any Taxed Award Schemes
· Information about any redundancy or termination payment
If you had to pay for things out of your own money that relate to your job, for instance stationary you may be able to claim for these to reduce the tax you’ll have to pay.
You must also keep any Benefit records such as social security benefit, statutory sick pay etc.