Your 2020/21 Tax Return

Self-Assessment Checklist

Your Self-Assessment Tax Return is due by 31 January 2022, covering the financial year from 6th April 2020 to the 5th April 2021. You will need to provide us with the relevant information as soon as possible, so that we can submit the return on your behalf. If you are unsure of what you need to send in, or need a reminder of the relevant dates, here is a list of all the information that you’ll need.

2020/21 Tax Timeline

5th April 2021

End of 2020/21 Tax Year

6th April - 31st July 2021

Submit your records

This is the best time to provide us with your 2020/21 records

31st July 2021

Second payment due

Second payment on account due for 2020/21

31st December 2021

PAYE Deadline

Deadline for tax to be paid through PAYE

31st January 2022

Deadline for 2020/21 Tax Return

Balancing payment for 2020/21 & first payment on account due for 2021/22

5th April 2022

End of 2021/22 Tax Year

Income

Employment

  • For all employments held during the tax year, we will need a copy of either a P60 or P45.
  • If you have received taxable benefits during the year that aren’t on your payslip, we will need a copy of your P11D provided by your employer.
  • If you made student loan deductions you’ll also need to provide your payslips for the year as these aren’t included on your P45.

Sole Trade Business

If you have a sole trade business, please send us your records using your usual method once they are up-to-date.

If you use online bookkeeping software, please notify us once your records are ready for review.

Bank Interest

We will need a copy of any bank interest paid – your bank should issue a statement for each bank account showing how much interest you received for the tax year, alternatively you can add up the amounts received each month.

Dividends

If you are a Director of a Limited Company and we complete your company accounts then we will review your dividends, so you do not need to provide us with the details of these.

State Benefits

Please provide details on any payments received for the following:

  • Jobseeker’s allowance
  • Maternity allowance
  • SEISS Claims

Rental Property

  • If you have not sent these to us previously, we will need details of the property being let (including date purchased, price paid, legal fees, other purchase costs, mortgage taken out, improvements made to the property, history of dates lived in the property and dates property let, furnished/unfurnished and expected current value)
  • Details of rental receipts during the tax year with any management fees paid split out separately
  • Details of all expenditure on the rental property (Insurance, service charge, ground rent, repairs & maintenance, capital improvements, utilities paid)
  • Mortgage statement showing the capital/interest repayment split for the property – this can be requested from your bank
  • If you sold your property during the year, we will also need the date sold, selling price, legal fees and any additional costs of sale

Pension Received

  • State Pensions – these are paid on a 4 weekly basis. You will need to provide us with all documents explaining how much the pensions is increasing to or bank statements showing the payment figures during the tax year
  • Private Pensions – we will need a copy of your P60 received for this income

Other Income

  • Capital Gains Tax – if you sold any shares or other assets in the tax year, we will need a breakdown of: what you sold, the amount you sold it for, plus the purchase date and cost of any other costs associated with the asset
  • Foreign Income – UK resident’s need to declare their worldwide income on their tax return. You’ll need to provide details of any foreign income received during the tax year including any tax paid
  • Other – If you have other income not mentioned in this section, then please get in touch to discuss whether this needs to be included on your tax return

Reliefs

Job Expenses

If you personally pay for expenses related to your employment, you may be able to claim additional tax relief:

  • Mileage – if you receive less than 45p per mile from your employer for business mileage in your own vehicle, then we can usually reduce your tax liability. Please provide us with the number of business miles travelled, and the rate your employer reimbursed you
  • Uniform Allowance – if your employer requires you to wear a uniform then you may be eligible for various reliefs including uniform and cleaning allowances
  • Professional Subscriptions – if your job requires you to hold a membership to a professional body (and your employer does not pay for this) then we may me able to claim the cost of this and reduce your tax liability. Please provide us with proof of payment with an invoice and bank statement

Pension Contributions

  • Personal Pension Contributions – if you contribute to a personal scheme, then you may be able to claim additional tax relief. Please provide us with the name of your provider, your contract/membership number, and the amounts and dates of the contributions
  • Company Pension Contributions – if your pension is an after tax contribution (referred to as ‘relief at source’ in your pension documents) you may be able to claim additional tax relief on these contributions. Please provide us with your payslips for the full tax year

EIS/SEIS

If you invested in an Enterprise Investment Scheme (EIS/SEIS) then you may be able to receive tax relief. You should receive a certificate from HMRC for each investment, and these will need to be passed on to us.

Charitable Giving

If you made donations to a qualifying charity and claimed gift aid in the tax year then you may be able to claim additional tax relief (if you are a higher rate taxpayer). We will need the following details:

  • Charity name
  • Date of donation
  • Donation amount
  • Gift aid claimed?

More Information

This video from HMRC will cover what expenses you can include in your Self-Assessment Tax Return if you are self-employed:

Other Information

Change of circumstances

Please let us know if any of the following details have changed so that we can update our records:

  • Name change
  • Marital Status
  • Address
  • Change to number of dependents

Tax Code

If we are registered as your agent then we should have access to this information, but if you are a new client then we will need copies of your tax code notices from HMRC over the tax period.

Child Benefit

If you are receiving child benefit, earn over £50,000 and are the higher earner compared to your spouse, then we will need to add this to your tax return. Please provide us with when you started receiving child benefit, how much you have received and how many children you have.

Marriage Allowance

If one spouse is below the higher rate threshold (£50,000 for 2020/21) and the other spouse is below the personal allowance (£12,500 for 2020/21) you can claim the marriage allowance. Please provide us with your partner’s details:

  • Name
  • National Insurance Number
  • Date of Marriage

Need help?

If you have any questions or would like to arrange a meeting to discuss your self-assessment tax return, you can contact us on 01295 812521 or email us at theteam@periscopegroup.co.uk

Contact

Get in touch
01295 812521
theteam@periscopegroup.co.uk

Join the team
Send your CV to
jobs@periscopegroup.co.uk

The Office
Faveo House,
2 Somerville Court,
Banbury Business Park,
Adderbury,
Oxfordshire,
OX17 3SN

News & Insights

Periscope Group Limited is a private limited company registered in England & Wales No. 04224782
Privacy Policy | Terms & Conditions

Contact