Interpreting your Tax Checklist
Interpreting your Tax Checklist
Now the tax year end has passed, this is what we will need from you.
June 10, 2024

The tax year end has passed and so you will have received a request from us to complete our tax return checklist. In order to help you with interpreting and completing this, we have compiled a ‘How To Guide’ below detailing what information we will require from you.

Do you have income from self employment?

This is the most common misconception we see. There is a difference between being self-employed and being employed by a company that you own. If you own a company that pays you a salary, but you are not personally responsible for the risks involved then you are employed, and can mark this section as not applicable. If you are responsible for the expenses involved with your job and any income gets paid directly to you, you are self-employed. In this case, we will require all your payslips for any work carried out between 6 April 2023 and 5 April 2024. We will also need a detailed list of expenses. Allowable expenses can be found on our A-Z guide linked here.

Have you received any income from employment during this tax year?

If you receive a salary and any benefits in kind from a company, you are employed and will need to include a copy of your P60 and P11D (if relevant).

Have you received any income from land and property?

If you receive any income from a rental property, we need to know if the property is located in the UK or abroad and whether or not it is a commercial property. We will also require a list of your income and expenses, which may include agency fees, management fees, a copy of your mortgage interest certificate and receipts/invoices for any repairs and maintenance work carried out on the property.

Have you received any dividend income in the year?

If you have received dividends from a company that Hive represents, please answer “yes” and include the name of the company. If you have received dividends from a company that Hive does not represent, we will need a copy of the signed dividend minutes.

Have you received any bank interest in the year?

Whether it is a large or small amount, you must declare it for HMRC. We will require an exact amount from all your bank accounts, with supporting documentation, where possible. Please note that ISAs are tax free so we will not need this information.

Have you received any income from investments in the year?

We will require a detailed breakdown of your investment portfolio, including contributions, withdrawals and the value of your investments. Please note that ISAs are tax free so we will not need this information.

Please provide your preferred personal bank details.

Sometimes, upon completing a tax return, we have the joy of discovering that you have paid more tax than you owed and are entitled to a repayment from HMRC. In order to receive this, we need to provide HMRC with a registered bank account.

Have you or another adult you live with received Child Benefit during the tax year in question?

We need to know how much you have received in total and for how many children.

Have you made payments into a personal pension plan in this tax year?

If you are self-employed, this includes your NHS superannuation contributions.

Have you made any gift aid donations in the year?

You can claim some tax relief if you have made charitable donations to any gift aid registered charities. We need the name of the charity and the amount donated. If you can provide us with a screenshot of the transaction or email confirmation of the donation, that is best.

Are you a UK resident?

If the answer to this is no, please provide your travel dates to and from the UK between 6 April 2023 and 5 April 2024.

Are you required to repay a student loan?

We will need to know the plan types of any and all student loans.

Keep us updated

We have detailed some things that we think you may want to update us on, but please feel free to use this space to provide us with any information you think may be relevant.

If you have any questions about the information we need from you, get in contact.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Jessica Madden Accountant
If you have any questions or comments about this article, please get in touch.
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