Self Assessment Tax Return: Earnings Checklist
What we need to file your personal tax return
To prepare your self assessment tax return we need your:
Personal Unique Tax Reference (UTR)
Previous tax return
Completing a tax return for the first time? You should register for self assessment before coming back to this checklist.
In each tax return we'll need to report all of your income from the tax year. This includes things like payroll that may have already been taxed. We'll look at your total earnings, calculate your total taxes, and deduct any tax you've already paid.
HMRC receive much of this information from various sources so it's important to include everything, or we may get a surprise after filing your tax return. HMRC will amend your tax return and liability if they think you have additional income.
Let's we'll look at the most common sources of income and what we need from you to prepare your tax return:
Click the links above or scroll down to see what we need.
Savings Interest
What we need: savings interest in excess of £500 broken down by total from each source.
Basic rate taxpayers do not pay tax on the first £1,000 of savings income.
Higher rate taxpayers do not pay tax on the first £500 of savings income.
Some interest is tax-free, including:
Interest received from an ISA
Income from some National Savings Certificates
Rental Income
What we need: breakdown of property income and expenses.
UK residents are taxed on UK and overseas property income, though there is a tax-free allowance of £1,000 per year.
You must keep track of rental income and expenses, for example by keeping bank statements, receipts and invoices.
Allowable expenses include costs wholly and exclusively incurred when renting out property.
Finance costs including mortgage interest are subject to restrictions.
Student or Postgraduate Loans
What we need: your student or postgraduate loan repayment plan type.
It's not a type of income, but we do need to report this on your tax return.
You must report and make student and postgraduate loan repayments on your tax return.
How much you pay depends on your plan:
Plan 1, Plan 2, Plan 4 - 9% of your earnings over the threshold
Postgraduate Loan - 6% of your earnings over the threshold
The thresholds vary with each tax year.
Omission of student loan plans are the most common errors leading to automatic adjustments by HMRC. HMRC have a complete record of Student Loans so get it right first time or you will receive a surprise tax bill.
Cryptocurrencies
What we need: to know the nature of your crypto transactions so we can determine whether you might have taxable gains or profits.
When you pay capital gains tax
You’ll pay capital gains tax on gains from:
selling crypto
trading crypto for other crypto
spending crypto on goods and services
gifting crypto to anyone other than your spouse or civil partner
Capital gains tax-free allowance
The capital gains tax-free allowance is £12,300 for 2021/22. So you will only pay capital gains tax on gains in excess of £12,300.
Reporting crypto losses
You can offset reported capital losses against your capital gain to increase the gain you can make without paying CGT.
If you expect to make gains in excess of the CGT allowance then you need to consider reporting any capital losses in the years leading up to it. While you can carry forward capital loses indefinitely, there is a four year time limit to register them.
When you pay income tax
In certain limited cases you’ll pay income tax on cryptocurrency profits such as:
Earning crypto in exchange for work
Staking rewards, mining and airdrops
Dividends
What we need: the value and timing of all dividends.
Dividends are usually taxable on the date they are received by the shareholder (ie the payment date).
This is because dividends are taxable at the point "the distribution is otherwise unreservedly placed at the shareholder’s disposal" according to HMRC's internal manual.
HMRC go on to clarify that "a final dividend which does not specify a date for payment creates an immediately enforceable debt", so it's important that the payment date is correctly stated in company documentation.
For example, let’s say on 15 April a company declares a dividend for the period ending 31 March, and the dividend is paid on 10 May. The dividend is taxable on 10 May, but only if the dividend voucher and board minutes specify the payment date.
Employment Earnings
What we need: if you need to file a tax return for any reason then we need P60s from all of your employments.
If you earn more than £100,000 as an employee you must report this on a self assessment tax return, even if you have no other income.
You need to report all income on your tax return, including earnings that have been taxed through payroll.
We only need P60s from payrolls that we don't run for you!
Other Self Employed Income
What we need: details of other income received outside of PAYE.
Other income may be taxable as earnings. There is a tax-free trading allowance of £1,000 that may reduce the tax you pay.
Trust Income and Dividends
What we need: details of any trust income and dividends.
You may pay tax on income and dividends from trusts. There are various types of trust and each type is taxed differently.
Foreign Income
What we need: details of worldwide income.
UK residents normally pay tax on worldwide income. This may include wages, dividends/interest, property income and pensions originating outside of the UK.
There are complex rules around tax residency and domicile that will determine what you must report and how you pay tax.
Gains on the Sale of Assets
What we need: details of any gains such as art, property, shares, currency and more.
Gains in excess of £12,300 (tax-free allowance) must be reported.
You must also report any gains where the proceeds exceed £49,200 (i.e. 4 x tax-free allowance).
UK residential property disposals must be reported to HMRC within specific timeframes. Disposals from 27 October 2021 must be reported within 60 days.
Other capital gains may be reported on:
your annual self assessment tax return
High Income Child Benefit Charge
What we need: to know if you or your partner have claimed Child Benefit.
The High Income Child Benefit Charge is levied on higher rate earners that have claimed child benefit.
The charge increases proportionally between £50,000 and £60,000. If you earn more than £60,000 you'll repay all of the Child Benefit you have received.
You can also opt out of Child Benefit.
If you have income greater than £50,000 then we need to know if you or your partner have claimed Child Benefit and:
the total amount received in the year
how many children you have
the date (if any) you stopped receiving Child Benefit payments
How to share your earnings data with Numble
It depends on the type of earnings. Most data can be emailed to us, but if you're not sure feel free to ask.
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