what do i need to give to my accountant?

Question

I went self-employed at the beginning of this yr and now have to do my first tax return. I have an accountant that will do everythin for me, but what will i need to provide him with? i'm dumb when it comes to tax and stuff and dont really know what its all about?!

Answer 1

every document realting to your financial activites
so thats
every purchase
every sale
every finance / loan acitivity
every bank statement
every payment made fro TX & NI

but ONLY for things related to your work,
preferably in date order
preferably annotated indicating why this is a business expense, or where it was used if its not immediately clear

The more work you do for your accountant the better.. he will then charge you less, or be more open to helping you. So consider abstracting those documents into say a spreadsheet with say monthly balances.. that way round the accoutnant may be less prone to leafing through every invoice if they have confidence that the summary matches the details.

at the end of the process the accountant should eb abel to tell you your tax position, ideally they should be able to advise you what to do next year to improve your tax affaris

Answer 2

All of the invoices, receipts, credit notes etc that you have (hopefully) maintained throughout the tax year as well as bank statements.

Answer 3

He will tell you what he needs.

Bear in mind that the more you give him (rather than sorting out what is appropriate) the longer it will take him and the more he will charge.

Bank statements, purchase invoices, petty cash record, sales records are the minimum.

Answer 4

Lame

Answer 5

you don't say what you do my partner was self employed but he worked for a subcontractor
he only handed in his bank statements showing amount earned per week ,diesel receipts for his work van ,receipts for industrial clothing & footwear ,mobile phone bills

Answer 6

every invoice you have done, list of business related expenses