What you'll need to file your tax return with your accountant

With the tax return deadline looming, thousands of small company owners are likely scrambling to gather all of their receipts and expenses in time to drop them off at their limited company accountants' office.

Here's an overview of what records your accountant will require to compile your accounts and self-assessment tax return if you keep paper documents.

Employment Income — If you had any employment income during the year, you must give your P60, or your P45 if your employment income ended during the year.

Dividends received — over the course of the year.

Rental net income — If you receive your rental net through an estate agency, your accountant will need to examine your property management charges. Additionally, your mortgage interest provides some further assistance, although not all of it is claimable.

P11d – This is for any advantages you may have received.

Payments from a private pension — Include details of any payments made, since these may qualify you for additional assistance.

Interest received from the bank - Any interest received during the year (excluding ISAs). This is one thing on your tax return that HMRC is already aware of, so don't forget about it; if you don't, HMRC will come knocking!

Any additional revenue you got throughout the year. This could be from another self-employment job you have, or a taxable gain from the sale of a rental property or some stocks, for example.

Because your tax return must include all of your earnings, it's better to be safe than sorry and double-check anything you're unsure about with your accountant rather than choose not to disclose it.

Getting your financial affairs in order far before the deadline also means you'll be significantly less likely to face significant fines if your tax return is late or contains an error as a result of rushing it.

Bank statements - For all of your company's accounts and for the entire time period. You'll generally just have one main account, but make sure to mention any deposit or reserve accounts you have. If you still use checkbooks and paying-in books, don't forget to bring them. The phrase "Chq 00067 for £54.93" has no meaning.

Statements of Loans – The closing balance as of your year-end date will be required by your accountant. The interest paid is deductible as a business expense.

Finance contracts - Copies of any new contracts signed throughout the year. The interest on the repayments is a tax-deductible expense, and the items you bought may be covered by the annual investment allowance.

Business Credit Card - They'll also need these statements if they have a business credit card. Spend time highlighting them if you have a personal card that you occasionally use to pay company expenses. This will save your cheap accountants in London the trouble of going over these documents later.

Sales invoices - All proceeds from sales. That includes all of your sales invoices for the calendar year (regardless of whether they have been paid or not).

Cheap Accountants in London are proud to offer wide range of affordable accounting and taxation services to businesses nationwide.