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Pension Income Tax Return Service

Are you receiving income from a pension? TaxPenny offer a service for the completion of your UK tax return.

You have now reached the stage of your life where you should be enjoying the rewards your hard work has earned.

To help you maintain control with at least the tax part of your financial issues, TaxPenny is here to work with you for a peace of mind.

TaxPenny will complete your tax return ensuring that you are paying the correct amount of tax through your pensions and savings.

Records which you will need to keep

If you're a UK taxpayer you should keep a record of the tax you pay each year and other records relating to your income.

Benefits records

You should keep any documents relating to:

• social security benefits
• Statutory Sick Pay
• Statutory Maternity Pay
• Jobseeker's Allowance

Pension records

You should keep:

• your form P160 (part 1A), which you received when you retired and started getting a pension from your former employer
• your form P60 giving details of your pension and the tax deducted
• any other details of a pension and the tax deducted from it

Interest, dividends or other income from UK savings, investments or trusts

You should keep all:

• bank and building society statements or passbooks
• statements of interest and any other income you've received from your savings and investments
• tax deduction certificates supplied by your bank
• dividend vouchers received from UK companies
• other vouchers such as scrip dividend vouchers
• unit trust tax vouchers
• life insurance chargeable event certificates
• details of any income you receive from a trust

You should also keep:

• details of exceptional amounts you've received, for example an inheritance or other windfall
• correspondence and other documentation relating to your savings and investments

Income from property

If you get income from letting out a property, you'll need to keep details of the rents you've received and the expenses you've paid. Find out more about our rental accounts service.

Foreign Income or Capital Gains

You'll need to keep any dividend vouchers, tax certificates and personal financial records. Find out more about Capital Gains.

Income from employee share schemes or share-related benefits

You should keep information on any share options awarded or share participation arrangements.

Capital gains or capital losses

You'll need to keep contracts and other documentation about assets you've bought, sold, exchanged, given away or acquired. You should also keep any bills, invoices or other evidence of payment such as bank statements and cheque stubs for the costs of buying, improving or selling assets - as well as copies of any valuations used in your calculations. More about Capital Gains here.

All this information will be useful in completing your Self Assessment return. You'll need to keep certain records and hold on to them for several years so that you can back up the information you put on your return.

How long must you keep your records? If your records are lost or destroyed

If you're not running a business you'll normally have to keep your records for at least 22 months from the end of the tax year to which they relate. For example a form P60 for the tax year 2006-07 mustn't be destroyed until after 31 January 2009.

It's advisable to keep documents relating to buying or improving assets until at least 22 months after the end of the tax year in which you disposed of the asset. These documents will help you calculate any capital gains or losses and answer any queries we have. For example if you dispose of an asset in February 2007 you must keep any records relating to its purchase, improvement and disposal until after 31 January 2009.

If your records are lost or destroyed

If your records are lost or destroyed and you can't replace them you must tell us what has happened and do your best to recreate them.

Once you've gathered replacement information you use this to complete your tax return. You must tell us whether any provisional figures are:

• estimated figures - you want us to accept these as final figures
• provisional figures - you are using these until you can confirm the figures (you must tell us when you will be supplying actual figures)

If you make adjustments at a later date and you've underpaid tax there may be interest and penalties to pay.

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