What records do you need for your tax return?

3 mins

It can get tricky when you get down to filling in your self-assessment tax return. Earning the money is all very well but now you have to account for it to HMRC and it can be difficult to know what information you need and what you don’t need. Luckily, our team of experts are at hand to guide you through the process. You could also check out our handy online calculator to see if you are entitled to a tax rebate and if you are, call our friendly team on 0330 122 9972 and let’s get that money back to you where it belongs.
What documents do you need for your tax return?
It makes really good business sense to keep good and detailed records of your business dealings to make filling in your tax return as easy as possible, as well as making sure that you have all the paperwork you need to back up any tax relief you might be able to claim on your business expenses.
Documents you will need to keep include:

If you are claiming tax relief on your expenses, you will have to prove to HMRC that you incurred the cost in the first place and that is where your receipts come in.
Even if you are a PAYE employee, if you are claiming tax relief in expenses over £2,500 you will have to use the self-assessment tax return system too, so you will also need these records.
What about details of benefits you receive?
You may also have to declare these in your tax return, so make sure you keep hold of any details relating to the following:

What about savings or investment paperwork?
If you have any savings, pensions or investments, then you will also need to keep records relating to these. You will need to keep the following:

We know that this seems like a lot of information for you to keep track of, but it pays to keep as detailed records as you possibly can when you are dealing with HMRC. That way you make sure you steer clear of any trouble, as well as claim your maximum tax relief. Our team of experts at DSR Tax Refunds are always at hand to give you expert advice on how to keep your business records to maximise your tax relief and any rebate claims you may have so call us on 0330 122 9972.

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Our experts have collected an extensive range of handy informational resources across a number of common taxation areas. If you can’t find what you are looking for here, check out our Resources section.