Your Finmo Self Assessment Checklist
Before you start Filling out your Self Assessment, there are some bits and bobs you’ll need to get together. By gathering the below information, you’ll be much better equipped to whizz through the forms with minimum stress – especially with Finmo there to help you along the way.
You won’t necessarily have all of the things in this list, for example if you didn’t leave a job in the past financial year you won’t have or need a P45.
But it’s important to read through it in full anyway to be sure you’re not caught out when it comes to providing the correct information during your Self Assessment.
Forms & Admin
With our Complete package, you’ll get your own dedicated Finmo rep who’ll be on hand to answer any questions on the things you need prior to filling out your Self Assessment.
A copy of your 2019/20 P60
If you are/were an employee in 2019/2020, you can get this from your employer.
A copy of your P11D
If you received any untaxed benefits from an employer in the past financial year, for example interest-free loans or private health care, you’ll need to provide a copy of a P11D form. Your employer should give you this if it’s necessary.
A copy of your P45
Left a job in 2019/2020? You’ll need your P45 for your Self Assessment. You’ll have received this from your employer when you left the job.
Student loan
If you have an outstanding student loan, you’ll need to provide the date on which it was drawn, and state whether you think you’ll be able to pay it off fully in the next 2 years.
Directorship information
If you held any directorships during the last financial year, you’ll need details of these to hand.
Income & Expenses
Use the Finmo app or web portal to tag and track your income and expenses. Don’t forget you can automate a ton of this by creating rules (yippee!).
Self employment income & expenses
You’ll need to state accurately your self employment income and any expenses incurred in relation to your work in the year running up to 5th April 2020. You can gather this data from the Finmo app or web portal once you’ve used our handy reconcile feature to tag and track your income and expenses.
Dividends
If you’ve received dividends from shares you hold in a company/companies in the year running up to 5th April 2020, you’ll need to provide details of these, including the exact amounts, in your Self Assessment.
Interest
If you received over £500 (or £1000, depending on how much you make) of interest on either personal or joint bank accounts, or on personal loans in the year running up to 5th of April 2020, you’ll need to provide details of this in your Self Assessment.
Rental Income
If you own properties and earned rental income on these in the running up to 5th of April 2020, you’ll need to provide details of this as well as any expenditure incurred in relation to the properties.
Miscellaneous Income
If you received UK income in any other capacity or had any capital gains realised in the year running up to 5th of April 2020, you’ll need to provide details of this on your Self Assessment. you also need to provide details of any non-UK income or financial gains.
Tax Relief
Don’t forget you can tag transactions as tax relief in the Finmo app or web portal, which will make it much easier to provide the below information when it comes to filling out your Self Assessment. Sorted.
Personal Pension scheme
You need to state clearly any contributions you made to a personal pension scheme during the Year running up to 5th April 2020, as you’ll get tax relief on this.
Gift Aid
If you’re a higher-rate tax payer, you can claim Gift Aid on charitable donations (so you won’t pay tax on them). For donations that aren’t eligible for Gift Aid, you can also write these off as an expense. In short, if you made any donations to charity between 6th of April 2019 to 5th of April 2020, you’ll need details of these for your Self Assessment.
Child Benefits
If you claimed any child benefit in the year running up to 5th April 2020, or your spouse did, you’ll need to provide details of this, including the number of children that the benefits applied to.
Investments
S/EIS Investments
Did you make any S/EIS Investments between 6th of April 2018 and 5th of April 2020? If so you’ll need to provide details of these in your Self Assessment.
Capital Disposals
If you made any capital disposals in the year running up to 5th April 2020, you’ll need to provide details of these as well information around any cryptocurrency trades.
Income from outside the UK
Remittances
You’ll need to provide details of any remittances made to the UK between 6th of April 2018 and 5th of April 2020. This doesn’t apply if you’re not UK domiciled.
Proof of identity
Proof of identity
If you plan on filing your taxes through Finmo, you’ll need to provide us with proof of identity before you submit. We’ll ask you for a copy of your passport, ID card or driving licence.
Proof of address
If you plan on filing your taxes through Finmo, you’ll also need to provide us with proof of your address.
Anything else?
It’s also important to think about any other factors that may be relevant to your taxes at this stage. It’s understandable that there may be things you’re unsure of, so make a note of these and discuss them with an expert before or during filling out your Self Assessment.
Finmo is here to help
If this is the first time you’re doing a Self Assessment, it can feel a little confusing. But there’s no need to panic. When you carry out your Self Assessment through Finmo, you can rest assured that our friendly team of experts are here to help with every step of the process.
Whether you have questions about which expenses you can claim, or are confused about things like side income, we’ll provide you with the clarity you need and help you to decide the best course of action for your personal circumstances.