The Importance of Keeping your Payslips / Monthly Statements / Year End Summary

As a self employed individual you may or may not be aware of your responsibilities to keep up to date and accurate records. It is your responsibility to keep all the payslips and certificates from different contactors for whom you may have worked during the year.

At the year end (05 April) it is your responsibility to file a self assessment tax return either manually or electronically (manual returns can only be submitted up until the 31st October). Keeping your payslips / statements / certificates makes the process a lot easier.

Despite what others say, obtaining captured data from HMRC is not as easy as it sounds. They are under no obligation to issue out the data despite a written request. There argument being that it is the responsibility of all self employed people to keep their own records.

In a recent reply from HMRC Newry; “…as you are aware your client has a legal obligation to keep adequate records to enable the completion of the SA Return and whilst we want to help subcontractors who have a genuine need for information ultimately it is the subcontractor’s responsibility to ensure records are kept to enable the completion of the SA Return.”

We urge all subcontractors to keep hold of their payslips / statements / certificates so that they can complete their self assessment tax return correctly, ensuring they declare the correct gross and tax amounts.

By keeping hold of your payslips / statements this enables you to complete your self assessment tax return whenever you require before the deadline for each year.

If you require further information on this then please contact us on 020 8424 8464.

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