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 2018 to 5 April 2019)
Student LoansRead more…
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…
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…
When you receive bank interest it does not normally have any tax deducted (it is normally paid gross). 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…
Gift Aid donations are regarded as having been made by you, from income that has already had tax deducted. Charities take your donation – which is money you’ve already paid tax on – and reclaim that 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…
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, Dividends or Other InvestmentsRead more…
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!