Commentary

By Catherine,

Additional information for your tax return – do any of these apply to you?

This information is for OC clients, if you are not an OC client but would like specific information regarding your personal tax situation, please contact us via the contact page.

(All information for your tax return is for the period from 6 April 2016 to 5 April 2017)

Student LoansRead more…

Information needed for your return – We should already have all of the information we need regarding your student loan but we will ask you to confirm that the information we have is correct and contact us if you think there’s a problem.

As a member of an LLP, your loan repayments are paid on your behalf by the LLP that you belong to. These payments are made once per year so don’t worry if your repayment schedule with the Student Loans Company does not tally with what you think it should say based upon your monthly pay deductions.

If you’ve paid off your loan or think that you should have, please contact us.

Other Jobs or Freelance WorkRead more…

Information needed for your return – If you’ve had income from other jobs during the period 6 April 2016 – 5 April 2017 (a job you have left or another job or part-time work you do alongside your current job) you will need the numbers from your P60s or P45s for those companies. Have these forms to hand as you will be asked to give us the relevant numbers from them.

If you have done freelance work you can contact us and we can tell you exactly what info we need. It’s normally just the amount of income you have earned from your freelance work, but we also take into account the expenses you incurred in doing that work. This is the information you will need to have to hand.

Your P60 is a form that tells you how much you have earned in the tax year (and how much tax you’ve paid) with that employer. Your employer normally gives you these forms in May every year, they normally look like this.

Your P45 is a form given to you when you leave a job. Your employer should automatically give this to you when you leave. If you have left a job and they haven’t given it to you yet, you can ask them for it. It has the same information as the P60 but normally looks like this.

Bank InterestRead more…

Information needed for your return – The amount of interest that has been paid to you from any of your bank accounts that pay interest. This information will be on the annual statement from your bank and also on your monthly statements, if you get them.

When you receive bank interest it does not normally have any tax deducted. The total amount of interest received needs to be included on your return.

Banks normally just pay interest on savings accounts but some current accounts pay a tiny amount of interest.  You will get a yearly statement from your bank (normally in April or shortly after), which reports how much interest you have been paid. If you aren’t sure or can’t find your yearly statement, look at your monthly bank statements. If you need any help, please contact us and we will help you find the information you need. 

Donations to Charity - Gift AidRead more…

Information needed for your return – You just need to know how much you gave to charity from 6 April 2016 to 5 April 2017. Whether it was one off lump sum or you gave a regular amount monthly, just add it all up and have the total amount ready for your return.

Gift Aid donations are regarded as having tax deducted by you. Charities take your donation – which is money you’ve already paid tax on – and reclaim the tax from HMRC. This means that if you give £10 using Gift Aid, it’s worth £12.50 to the charity.

Rental Properties You OwnRead more…

Information needed for your return – We will need to know what rental income you have received for the properties you own in the period from 6 April 2016 – 5 April 2017, along with any related expenses (including mortgage interest etc.) for those properties. We suggest you contact us to make sure we collect the appropriate information for your return.

If you have sold any properties (other than your own home) for more than you paid for them, you may have made a profit (a ‘Capital Gain’) and we will need to know the details. Have the following information ready for your tax return – date of sale, amount received, original costs and expenses (agents fees etc.) and anything else you think might be relevant. If you think you may have made a Capital Gain (or a Capital Loss) from selling a property this tax year then please contact us.

Shares or Other InvestmentsRead more…

Information needed for your return – We need to know what income/dividends you have received from your investments in the period from 6 April 2016 – 5 April 2017, this includes shares in companies and unit trusts. You will find this information on the statements provided by whoever you’ve invested your money with. Have this info to hand as we will ask you for the relevant numbers.

We do not need any information regarding ISAs or National Savings Premium Bonds, as they are tax-free.

If you have sold any investments for more than you paid for them, you may have made a profit (a ‘Capital Gain’) and we will need to know the details. Have the following information ready for your tax return – date of sale, amount received, original costs and expenses (brokers fees etc.) and anything else you think might be relevant and appropriate regarding this investment. If you think you may have made a Capital Gain this tax year then please contact us.

If you think your tax situation could be more complicated than this or if you need some help from the OC Team, please get in touch!

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