company name

Accountant

           

  SELF-ASSESSMENT TAX RETURN 

                                             FOR INCOME (AND CAPITAL GAINS)

                                                    YEAR ENDED 5 APRIL 2024

With increased digitalisation it is unlikely that a paper 2024 Self-Assessment Tax Return would have been issued to you, but possibly, a Notice to Complete one, could have been issued to you by HM Revenue and Customs.  Nevertheless, please read further to ensure that your tax affairs can confidently be left to us.  In order to do so, we would need to receive from you the documentation on the enclosed Document Checklist. [See over].  A free tax card with rates, etc, is enclosed.  On the internet, on our Facebook page: M Levin & Co, we post daily tax briefings of what has appeared in the media.  Please subscribe to it.                                                                                                                                   NEW

NB – Making Tax Digital (for non-VAT Registered Self-Employed/Businesses, and Landlords) an increased obligation will come into effect as from 6 April 2026. More digitalisation from HMRC is in progress Meanwhile Tax Returns will still be needed to be completed (and filed).  Many elderly Pensioners might need to complete a return for the above year.                                                                                                                            NEW

Also enclosed, where we have prepared last year’s Return, is:

Data Sheet, which contains the data that was used for the previous Tax Return.  Please look through it, and make any relevant alterations on it, and then ensure that you send us the relevant documentation.

CHANGES – If any of these apply to you, can you please let us have the full details:

Tax/Welfare Credits – although these are not a part of the Tax Return, the information to claim these is obtained from your completed Tax Return. 

Personal (including Stakeholder) Pension Relief – only if YOU pay by yourself for a Pension Policy, can you claim on your Return.  A certificate is essential.  Once again, unfortunately, you might have to press the Pension/Assurance Company for the correct piece of paper.  Please reject “marketing material”, “statements” “valuations” that they seem to send out.  It is only a certificate that is of value in the preparation of your Tax Return.

Filing “on-line” – Since 2007 all Returns have been filed on-line. HM Revenue & Customs has stated that paper copies must be filed by 31 October 2024.  However, online Returns can be filed by 31 January 2025, although to most clients of our practice, this is academic only, as most Returns are filed before 31 July, thus giving certainty to that date’s true liability.  From 06.04.11 – any tax returns filed after the due date carry a penalty that will not be reduced.  More stringent DAILY penalties came into place after 30 April 2012. 

 

Timetable: It would greatly assist us to provide you with the best service if you would gather in all the relevant data now, and once you are certain that you have all of the items, please send these on together with any official HM Revenue and Customs paperwork.  We will then compile the data, and send the Tax Return to you for your formal signature of approval.  Most of this is gathering documentation from third parties, which should be in your possession by the end of April annually – but SOME you might be able to download yourself.  Your attention is drawn to folding over the papers, to avoid a “Large Letter” stamping rate. We have attempted to economise on the increasing cost of stamped postage, and would prefer to communicate other matters via e-Mail, please.  Any tax return data received after 1st October 2024, will, sadly, have to be charged to clients at a higher rate, as accountants’ offices tend to be highly stressed by latecomers.

Note: No responsibility can be accepted for any omissions or errors arising on these tax returns.

             Mistakes have proved to be expensive.

             Unfortunately, HM Revenue and Customs charges Penalties and Interest if you do not submit your Return within the strict time limits.  Our practice has a proud record of filing most clients’ Tax Returns by June 30 annually; that way clients avoid an artificial payment on July 31.

 

Yours sincerely

For MARTIN LEVIN & CO:

 

Tax Returns – Document Checklist                       Y/E 5 April 2024

[NB From 2016 onwards – many third parties enable those registered for online services to download some of these]

For all – certificates for any of the following:

·Pension Contributions made to a Financial Institution

·Gift Aid payments

·Interest on qualifying loans

·Capital Gains transactions (Stocks, Shares, Properties, Chattels, Businesses) – documentation please

·If you/your Partner claim(ed) Any Tax (Welfare) Credits – the claiming partner’s:

               Surname

National Insurance Number

Income level to determine the highest rate of tax paid

· Child Benefit – if you, or your partner, received this, please advise us of the amount, the number of children involved, who claimed, the amount, and indicate who is (whether you – or your partner) – is the Higher Earner  

For the Employed

·Form P60 which states Earnings for the year.  Obtainable from your Employer

·Form P11D which states Company Benefits over the year.  Obtainable from your Employer

·Payslips and evidence of any Foreign Earnings with Foreign Tax Deducted

·Details of Share Options awarded or exercised or Participation in any other Share Plans, such as Profit-Sharing Schemes

For The Self-Employed [see separate Request for Books letters]

·Your Financial Accounts for the Year that ended within the fiscal year (started 6th April 2023, and ended 5th April 2024).  Not all Self-Employed have Financial Accounts made up to 5 April annually. But with the introduction as from 06.04.24 of a Change of Basis Period, it is recommended that March 31 or April 5, be adopted.  Check with us if you are in doubt.

Normally your Accounting Records would be the free ABC Accounts Book(s) or other suitably approved substitutes (even FreeAgent, or Accounting Software).  These used to be made up from Cash Books, Petty Cash Books, Purchase and Sale Ledgers, Invoices, Expenses and Receipts, etc. but increased digitalisation has been occurring as Compulsory Digital record keeping has been phased in since 06.04.20

NB: Rules have been introduced from 06.04.17 to attempt to re-classify self-employment when supplying services to any public body authority. This would include the service industry, and rules were tightened as from 06.04.21. 

For Investors (including Bitcoin and other crypto currencies – introduced in 2018)

·Dividend Vouchers – from Publicly Quoted Companies (as well as Owner Controlled Companies)

·Interest Certificates from Bank or Building Society (or Account Statements or up-to-date Building Society Passbook) – where Accounts have been closed (or opened), specific dates are required.  Are you aware that with internet banking, YOU can access these and print them off (early)

·Tax Deduction Certificates issued by your Bank (if you have not downloaded these

·Rent Records, if you own a Property or Let it out – see Rental Accounts Checklist below

Pensions and Social Security

·Certificates covering Income from Trusts or Estates

·Pension Book or Pension Statement

Student Loan Repayments

·Statement – the date that the Loan applies is essential as there are two separate tax treatments

Rental Accounts – Document Checklist – ask us for a separate Worksheet

Address of Property:

Confirmation as to whether let Furnished or Unfurnished – NB from 06.04.17 No Wear & Tear Allowance is allowed.

Income:                Rent Received details

Expenditure:        Ground Rent

                              Management Fees

                              Council Tax and Water Rates

                              Repairs (full details and bills)

                              Insurance (Building and Contents)

                              Loan Interest Certificates - (NB As from 06.04.17 the amount allowed to be deducted for Loan/Mortgage Interest, was reduced by 25% each year until 100% was reached by 05.04.20.   This could place you in a Higher Tax Rate).  

                              Legal/Accountancy bills

Extra copies of these Checklists can be downloaded free of charge from our Website:

www.MartinLevinABC.co.uk

Please check it from time to time for updates, etc

Your e-mail address would be appreciated, to update our records.  Thank you.

Making Tax Digital – Until this is fully operational, the completion of a Self-Assessment Tax Return is necessary.  Notices to Complete are usually issued by HMRC.