Discussion
Your old employer should still have all the necessary details so they should be able to give you the information you need (their copy of the P60 is called a P14 and they are supposed to keep copies of these).
Your payslip for the month ended 31 March 2005 (or week 52 if paid weekly) should also give you the main details you need - i.e gross salary to 31 March 2005 and PAYE deducted up to 31 March 2005.
The only complication you might have is if you had a non-standard PAYE Code at 5 April 2005. For 2004/05 the standard code was 474L.
Your payslip for the month ended 31 March 2005 (or week 52 if paid weekly) should also give you the main details you need - i.e gross salary to 31 March 2005 and PAYE deducted up to 31 March 2005.
The only complication you might have is if you had a non-standard PAYE Code at 5 April 2005. For 2004/05 the standard code was 474L.
It depends on how vital the source documentation is for compiling the information for your tax return.
People under PAYE need only keep their P60s and P45s and, if lost, can usually source the information from elsewhere.
People who need original receipts, vouchers etc to prepare trading accounts or rental income and expenditure details would have real difficulties if they lost the original source documents. In particular, the Inland Revenue could possibly disallow expenditure if you had no documentation to prove that the expenditure was actually incurred. Even then, replica bank statements or credit card statements could be used to try and pice together any "missing" proof.
It is a legal requirement to keep supporting records for Self Assessment tax returns.
People under PAYE need only keep their P60s and P45s and, if lost, can usually source the information from elsewhere.
People who need original receipts, vouchers etc to prepare trading accounts or rental income and expenditure details would have real difficulties if they lost the original source documents. In particular, the Inland Revenue could possibly disallow expenditure if you had no documentation to prove that the expenditure was actually incurred. Even then, replica bank statements or credit card statements could be used to try and pice together any "missing" proof.
It is a legal requirement to keep supporting records for Self Assessment tax returns.
_dobbo_ said:
It is a legal requirement to keep supporting records for Self Assessment tax returns.
This is the bit that frightens me - what if my house burns down and I lose all my records?
It is also a legal requirement to do a self assesment return regardless of whether or not IR contacts you or sends you the forms.
timmy30 said:
It is also a legal requirement to do a self assesment return regardless of whether or not IR contacts you or sends you the forms.
They told me that a few years ago after I got a "where's your tax return" letter to which I replied "what tax return? you never asked for one". What's the trigger at which one should do a return? Entering into top-rate bracket? P11D benefits? My wife has never done a return - should she have?
miniman said:
It is also a legal requirement to do a self assesment return regardless of whether or not IR contacts you or sends you the forms.
They told me that a few years ago after I got a "where's your tax return" letter to which I replied "what tax return? you never asked for one". What's the trigger at which one should do a return? Entering into top-rate bracket? P11D benefits? My wife has never done a return - should she have?
When you go into the 40% bracket, IMO it is a bit unfair to have a standard setup where they notify you and send all the self employed , 40% payers etc the forms, but if they
up and miss you it's your fault! Oh those lovely chaps at the revenue.
You would almost think that they had specifically been tasked with driving small business people out of business.
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