Hi all, I took the leap and became self-employed earlier this year, I've mostly been doing basic bookkeeping, management accounts and payroll which I am really familiar with so no problems there. I've just signed up my first client for year end accounts and tax return and am working on a list of what I need from them, I thought I would share this in the hope someone will point out if I am missing anything and thought it might be useful for others starting out on their own. 

Would be great to know your thoughts, I will obviously tailor the list for individual clients, but this would be my starting point. 

Thanks,

Tracey

Sole Traders

·          Copy of the previous years accounts.

·          Bank statements up to the year end and one month following.

·          Bank reconciliation if kept.

·          Bookkeeping records for the year if kept.

·          Details of income received.

·          Purchase invoices if available, or

o    Copies of invoices for any additions or disposals of property, plant or equipment.

o    Copies of invoices for any legal expenses, professional fees, computer expenses over £200 and entertainment.

o    Copies of any major insurance policies purchased during the year.  

·          Details of any debtors at the year-end (monies owed to you at the year-end but not paid until after the year-end).

·          Details of any bad debts (monies owed to you that you doubt you will be able to collect)

·          Details of stock held at year-end.

·          List of any creditors at the year-end (expenses incurred before the year-end but not paid until after the year-end).

·          List of wages payable at the year-end (payroll expenses incurred before the year-end but not paid until after the year-end).

·          Details of any amounts owing to HMRC at the year-end.

·          Copies of VAT returns and associated workings submitted during the year.

·          Copies of any loan or lease agreements entered into during the year.

·          Details of any significant changes to the business during the year.

Personal Tax Return

·          Date of birth

·          National Insurance number

·          Details of employment income if applicable including copies of forms P60, P11d and P45 if applicable.

·          Copies of any PAYE coding notices received from HMRC during the year.

·          Details of business income and copy accounts if prepared.

·          Details of any pension income or state benefits received.              

·          Details of any bank or building society account interest received

·          Copies of any dividend and interest tax vouchers received.

·          Details of any foreign income and local taxes already deducted.

·          Details of any receipts from insurance policies.

·          Details of any property income.

·          Details of any expenses attributable to your income, such as professional subscriptions.

·          Details of any personal pension premiums paid.

·          Details of any gift aid donations made to charities.

·          Details of the purchase, sale or gift of any assets including property, land, and stocks and shares.

·          Details of any periods spent living abroad during the year.