Tax returns - Everything you need to know

A checklist for your 2017/18 tax return including information we need from you and key dates for your diary.

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Geoff Everett
Published: 27 Apr 2018 Updated: 13 Jun 2022

Looking back: 2017/18

Information we need for your 2017/18 tax return

1. Personal circumstances

It is useful to be aware of any changes to your personal circumstances before they occur so that the financial and tax implications can be discussed. If this is not possible, notify us of any changes in your tax return details, including:

  • contact details
  • status — co-habiting, married, separated, divorced, civil partner
  • the birth or adoption of any children (including names and dates of birth)
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2. Child benefit

Let us know of any amounts received by you or another parent/carer in the tax year in respect of a child you look after, including the start and end dates of a claim. We will also need the names and dates of birth of any children for whom child benefit has been claimed.
If you are entitled to child benefit, but receiving it would lead to a full tax clawback arising on you or your partner, we would usually advise that you (or your partner) claim and then elect not to receive the child benefit. Claiming can be important for NIC credits. The tax charged only relates to the actual amounts received, not the entitlement.

3. Marriage allowance

If your husband/wife/civil partner qualifies for marriage allowance, please let us know if you have agreed for £1,150 of the personal allowance of your husband/wife/civil partner to be transferred to you for the 2017/18 tax year.
Please note that if you are employed HMRC will give you the extra allowance by changing your tax code for the tax year. If you are self-employed HMRC will give you the extra allowance when you submit your tax return.

4. Tax repayments

HMRC now prefers to pay any tax repayments directly into a UK bank account where possible. If this is your preference too, we will require the details of the account into which you would like any repayment to be made, including:

  • account holder name
  • bank or building society
  • sort code
  • account number

However, if you used a debit card to make your original tax payment, HMRC would automatically try to repay back to the relevant account first.

5. Notices of coding

HMRC no longer send agents a copy of your PAYE coding notices. Therefore, please forward any notices you may receive to us.

6. Outgoings

Have you made any of the following payments in the tax year?

  • Charitable donation under the gift aid scheme
  • Contributions to any pension scheme (as either an employee or self-employed)
  • Seed enterprise investment scheme (SEIS)
  • Enterprise investment scheme (EIS)
  • Venture capital trusts
  • Loan interest

We will need certificates or receipt schedules for any payments made. For SEIS and EIS investments, you will receive a form SEIS3 or EIS3, respectively, from the company. This will need to be sent to us before a claim for tax relief may be made on your return.

7. Capital Gains Tax

We will require details of:

  • acquisitions and disposals of chargeable assets (including sales of chattels) during the year or your broker’s year-end tax summaries (excluding any Smith & Williamson portfolios)
  • repurchases of shares between 6 April and 5 May 2018
  • shares that have become negligible in value
  • lost or destroyed assets (including details of any insurance payments received)
  • benefits or distributions received from a non-resident trust
  • shares sold, which were acquired under options awarded in connection with an employment exercised under either:
  • an unapproved or enterprise management incentive (EMI) share option; or
  • an approved share option scheme where you have paid income tax
  • a sale of your main residence, together with details of the amount of land included in the sale and the dates the property has been occupied, to check whether private residence relief is available.

8. Disclosures

Have you entered into any scheme or transaction where a tax advantage is gained and the arrangement is notifiable to HMRC? If so, the promoter of the scheme or transaction will have provided you with a reference number and the tax year details, which need to be shown in the tax return.

9. Pre-owned asset tax charge

Have you given away an interest in land, buildings, chattels or settled assets into trust — other than land or chattels from which you continue to benefit? Or
do you receive a benefit on an asset derived from a previous gift? If so, please advise us.

10. Life insurance policies

There may be a tax charge to report on your tax return if you make withdrawals from your life

insurance policies each year, surrender the policy in whole or in part, the policy matures or the insured person dies. Should any of these events occur, we will need to see a chargeable event certificate, which your insurance company is required to produce.

11. Mis-sold PPI compensation receipts

We will need to know the details of any amounts paid to you in connection with PPI. The compensation receipts may or may not be taxable, but any interest receipts will need to be reported on your tax return.

12. Redundancy, payments in lieu of notice and payments under compromise agreements

If your employment ceased, you may be in receipt of additional payments from your employer. We will
require full details of the amounts paid and copies of any agreements signed, so that we can determine if the income is subject to tax.
We will also need to be advised of any payments, benefits in kind or assets received from your employer after your employment ended, where they have not been notified on your P45 or on a form P11D (return
of benefit in kind) that has been supplied to you. Your employer is not obliged to provide you with a P11D, prepared after you have left, unless you specifically request it.

13. Student loan

Please let us know if you have an income contingent student loan and the Student Loan Company (SLC) has notified you that ‘repayment’ commenced before 6 April 2018 and whether it is a Plan 1 or 2 loan.

14. Miscellaneous and new sources of income

Send us the details of income, outgoings, capital payments, receipts or any other information which you consider to be relevant to your tax affairs.

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.


This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.