Tax season is here, and if you’re like most small business owners, you’re wondering what you need to gather before meeting with your accountant. The good news? Getting organised doesn’t have to be overwhelming. Here are the five essential documents your accountant needs to prepare an accurate tax return and help you maximise your allowances and reliefs.

1. Bank and Credit Card Statements

Your accountant needs a complete picture of your business finances. Gather all bank statements and credit card statements for any accounts used for business purposes from April 2024 through March 2025 (or for your accounting year end if different).

Pro tip: If you occasionally use personal accounts for business expenses, include those statements too and highlight the business transactions. This ensures nothing gets missed.

2. Income Records

Collect all documentation showing money that came into your business, including:

• Sales invoices issued to customers
• Bank statements showing payments received
• Records from payment processors like PayPal, Stripe, or Square
• Sales reports from your till or e-commerce platform
• Cash book records for any cash payments received
• UTR (Unique Taxpayer Reference) correspondence from HMRC

Keep records of both VAT-registered and non-VAT sales if applicable. If you’re VAT registered, ensure you have copies of your VAT returns filed during the period.

3. Expense Receipts and Documentation

This is where many business owners get stuck, but it’s crucial for claiming allowable expenses. Organise receipts for:

• Office supplies and equipment
• Software subscriptions and technology
• Business meals and entertaining (note: client entertaining is not allowable, but staff entertaining may be)
• Travel expenses including mileage logs (currently 45p per mile for the first 10,000 miles)
• Professional services like legal fees, consulting, or marketing
• Rent or expenses for use of home as office
• Insurance premiums
• Bank charges and interest
• Professional subscriptions and training

Don’t have perfect records? Bring what you have. Your accountant can work with bank statements and help reconstruct missing information, though original receipts are always best for HMRC compliance.

4. Employment and Subcontractor Records

If you have employees or use subcontractors, you’ll need:

• P60 forms for all employees (year-end summary)
• P11D forms if you provided any benefits in kind
• Payroll summary reports showing total wages, PAYE tax, and National Insurance contributions
• Records of payments to subcontractors and their CIS (Construction Industry Scheme) status if applicable
• Copies of any P45s for employees who left during the year

Even if you use a payroll bureau, request a year-end summary to provide your accountant.

5. Asset Purchase Information

Did you buy any significant equipment, vehicles, or property for your business in 2024? Your accountant needs:

• Purchase invoices showing the date and VAT amount
• Details about the asset (what it is and how it’s used in your business)
• Vehicle mileage logs if you’re claiming vehicle expenses
• Information about any assets sold or disposed of

Large purchases may qualify for Annual Investment Allowance (AIA) or other capital allowances, which can significantly reduce your tax bill. The AIA limit is currently £1 million per year for most businesses.

Getting Started This Week

The key to a smooth tax season is starting now rather than scrambling at the deadline. Block out a few hours this week to gather these documents. Create a dedicated folder, whether physical or digital, and start collecting.

If you’re missing something, don’t panic. Contact your bank for duplicate statements, check your Making Tax Digital account for VAT records, and communicate with your accountant about any gaps. We’ve seen it all and can help you navigate incomplete records.

Remember: The earlier you get these documents to your accountant, the more time they have to find allowable expenses, answer your questions, and file accurately. Plus, you’ll sleep better knowing tax season is under control.

The Self Assessment deadline was 31st January, but if you’re a limited company, your Corporation Tax deadline depends on your accounting year end. Either way, getting organised now will make the process much smoother.

Need help getting organised? Reach out to discuss how we can make this tax season your smoothest yet.