2021 Self Assessment Tax Return Checklist

January 31^st is the deadline for online Self Assessment Tax Return submissions, as well as payments for any amount owed. In line with the Making Tax Digital movement, the vast majority of self employed individuals have opted for this method of personal tax returns, as opposed to postal submissions (which also carry a much earlier submission deadline of 31^st October, and the dread of waiting for your correspondence in the mail).

Many contractors leave their returns to the last minute, leading to rushed applications and too often, costly mistakes. You wouldn’t leave important client work to the 11th hour and rush to finish it, even less so if you knew that same task needed to be completed each year – so why do that to yourself with your personal tax returns?

We know that this is human nature, so if you’ve fallen into this trap, we’re here to tell you to take a deep breath and relax. It’s why we’re here, after all. Your SJD accountant will help you file your return accurately and on time, freeing up your schedule so you can get on with the important stuff.

Complicated personal tax returns should be overseen by your accountant, however, with less intricate returns, our easy-to-follow checklist will help you ensure you’ve checked all the boxes and help you avoid penalties from HMRC. One check point we haven’t added to our list; remember to give yourself a pat on the back when you’ve made your way through it!

If you’re unsure whether you need to submit a return, you can use this tool.

Having your bank details to hand will also help the process; this would be necessary in the instance of receiving or being liable to pay in any outstanding tax amounts to HMRC.

Filing Tax Returns – Your 2021 Checklist

1. A Unique Tax Reference (UTR) number is issued to you on registering for Self Assessment. There are two types of UTR numbers: Personal and Company. If you are the director of your own limited company, you will have a company UTR for your corporation tax and a personal UTR for your personal tax. You will need to submit your self assessment tax return with the relevant UTR. If you’ve misplaced your 10-digit UTR number , you can look it up here.
2. Your National Insurance number.
3. P60 (if you are a salaried worker, this will be the case if you receive a salary from your limited company).
4. Any untaxed income (with supporting documents) for the 2019/20 tax period. This would include income from renting out a property, tips and commission earned, income from savings, investments and dividends and any foreign income.
5. Details and supporting evidence of any income from self-employment in the 2019/20 period. This will be income earned outside of your limited company as a sole trade.
6. Details and supporting records for any charitable donations made, and expenses that have been incurred in the previous tax year. This also includes pension contributions paid through personal tax. Remember to ensure your expense claims are eligible. HMRC has released the top 10 most unusual expense claims of the past decade, including a 250-day long recurring expense for a sausage and chips lunch.

Contact us using the form below for support during your personal tax return.