27 Steps to prepare your personal tax return for HMRC

When it comes to preparing your personal tax return, it can be overwhelming. Especially when it comes to knowing exactly what forms to complete and making sure you have all the right information. Add to that the deadline, and preparing a tax return soon becomes a daunting task.

As a result many people find themselves rushing to meet the deadline, which can lead to mistakes, which in turn can lead to costly penalties.

To help you get organised, we have put together a 27-point checklist so you can avoid the last-minute panic.

Preparing your personal tax return in 27 easy steps..

27 Step Checklist

1. Firstly, establish that a return is required – either repayment form or Self-Assessment return.
2. After that, ensure that HMRC hold a valid agent authority form.
3. Review file for any changes of address, tax reference, tax office etc. Ensure internal records updated.
4. Review file notes from prior year for information relating to the current tax return.
5. Complete the relevant pages of the tax return from information supplied.
6. Complete dividend schedules and note any changes to shareholdings.
7. Complete interest received schedules and note any changes to accounts etc.
8. Complete income from property schedules – income and expenses.
9. Check PAYE code and tax statements for underpayments from prior years being collected via PAYE.
10. Enter self-employment details from accounts and calculate maximum capital allowances available.
11. Review disposal of assets to see if capital gains pages need completion.
12. Make enquiries regarding missing information, either direct or using third party sources.
13. Enter all information on computer system.
14. Calculate liability. Considering position review capital allowances claim to see if beneficial to reduce claim.
15. Check to ensure correct tax allowances have been given.
16. Consider whether any transfer of allowances to spouse may be appropriate.
17. Review pension premiums.
18. Ensure payments on account agree with the tax statements and the amounts actually paid.
19. Review tax return form to ensure correct.
20. Email tax return form, computations and any relevant schedules required.
21. Update permanent file with any useful information. For example, details of changes in share or unit trust holdings.
22. Make note on file of any other relevant information for the following year.
23. Complete internal review sheet (125+ points for a full return).
24. Send email requesting signature on return and giving details of tax position for the year.
25. Submit return on time to HMRC to ensure client does not receive any penalties.
26. When return received confirm that form is correctly signed and dated.  
27. Submit return on time to HMRC to ensure client does not receive any penalties.

At Jack Ross we understand that preparing your personal tax return can be overwhelming. Therefore, we are always looking for ways to simplify the process. Subsequently, this improves efficiency, saves time and, above all, saves money.

In conclusion, you can break the process down so the task is more manageable. Above all, this will make the task at hand seem easier to manage and complete in a timely manner.

If you would like to download a copy of the personal tax return checklist, please click here.

For further help we recommend heading to https://www.gov.uk/topic/personal-tax/self-assessment where you can find the relevant form and help sheets for each form.

In addition, if you have any questions regarding the checklist, please use the enquiry form below. A member of the team will be in touch to help.