What do you need to prepare for your tax return appointment?

Need to meet your accountant in Coventry soon to talk about your business tax return? You need to prepare yourself with documents for the appointment that helps in using the time wisely for you and your accountant.

Not just your accountant will love you for these efforts but also ensures you have to claim the greatest amount of tax refund possible.

Always commence with the tax return of your previous year while hiring a new accountant in Coventry. It must include your personal details, income streams, tax file number, tax offsets, deductions, and other pertinent tax information previously claimed.

If you use cloud accounting software, all your data will be available online for your accountant. Online cloud-based accounting software is a great way to store your business transactions. It enables you for recording data in real-time and in a format that your accountant understands.  Your accountant has 24/7 access to an online accounting solution. You can control your business expense and monitor the performance of the business. Along working with your accountants, you can get prepared and aware of your tax obligations.

Below is a list of important things to prepare for your accountant in Coventry

Get your important paperwork ready for tax return preparation in Coventry

Clearly, our all businesses are not same but it is likely to discover about the documents sorted you might want to collaborate before you begin the procedure of tax return.

As all things may not apply to all, though there are just general guidelines to prepare.

• Copy of last year’s tax return

• Records of sales and purchases of any shares, business or property

• Private Health Insurance Details

• Spouse Details

• Children’s details

Income

• PAYG Summaries from employees

• Lump sum termination payments

• Bank interest

• Allowance lump sum payments

• Pensions and allowances

• Foreign income

• Capital gains

• Allowances (car, travel, entertainment, meals, etc.)

• Dividends

• Personal services income

• Net income/loss from business

• Rental income

Expenses for tax deductions

• Motor vehicle incl. estimation of kilometers if no logbook kept, otherwise logbook and expense details

• Travel (fares and accommodation)

• Uniforms/work-wear

• Self-education and professional development (seminars, conferences, etc)

• Home office costs

• Medical expenses

• Childcare expenses

• Telephone, computer, internet fees

• Union fees, registrations, subscriptions, memberships

• Tools and equipment

• Employee costs

• Superannuation contributions

• Rent/lease payments

• Interest

• Dividend deductions

• Bank fees

• Low-value pool deductions/depreciation

• Freight and transport costs

• Utilities – electricity, gas, water

• Legal and accounting fees

• Donations

• Income protection insurance

• Details of any asset purchases

It is advised to keep receipts for all expenditures and tax deductions you are claiming for your business. You should scan the files and upload them online so it can be easily accessible whenever you need them for audit.

Your accountant in Coventry can work through every possible tax deduction available for you and your business. You should ask your chartered accountant and business advisers in Coventry what tax incentives are available to maximize your tax deductions also.