The information TaxScouts needs to complete your tax return depends on two things:
- Income records: we can use either invoices or even a list of your transactions recorded in a simple spreadsheet
- Expenses: again, either receipts or a spreadsheet can work.
NOTE: bank statements can also be used, as long as you highlight the direct business expenses.
If during the tax year you were both employed and self-employed then a P60 form will be required for the portion of the year where you were employed.
Details of your employment should be included in your tax return.
2. Construction Industry Scheme
- CIS statements or payslips: any documents showing how much you earned and how much tax has been paid by your contractor (they are legally required to provide them)
- Any receipts for expenses related to work, such as transportation costs and equipment costs.
You can also check out our guide on what expenses can be claimed so you can increase your CIS refund.
3. Property income
- You can just upload a summary of any rental income and expenses recorded in a spreadsheet directly to our system.
- Receipts from any expenditure related directly to the property rental.
You can read more about what the allowable property expenses here.
4. Capital gains
We will need to know:
- the date and cost the asset was acquired
- the date and amount the asset was sold for.
Check out our handy capital gain tax calculator for further information on how much you can expect to pay.
5. Employed (PAYE)
- P60 End of Year Tax Certificate or P45 details of employee leaving
- P11D Expenses and Benefits (only needed if you have private health insurance).
6. Donations, pension contributions, and SEIS/EIS investments
- Donations: the amount, date, and charity of donation either in document form or a spreadsheet (receipts should be kept for your tax records)
- Pension contributions: spreadsheet or other documents that show them
- SEIS/EIS investments: your SEIS3/EIS3 certificates or your share certificates. Check out our guides on how to claim your SEIS and how to claim your EIS.