Making mistakes on self assessment tax returns however innocent can lead to enquiries, investigations and additional tax, interest and penalties.
Below are some of the top mistakes many people make:
- Forgetting to include income from a previous employment that ended part way through a tax year.
- Forgetting to include benefits from a previous employment that ended part way through a tax year.
- Forgetting to include student loans when your earnings exceed the threshold
- Forgetting Child benefit clawback for earners who are receiving child benefit and who earn more than £50,000
- Ignoring tax codes and forgetting tax underpayments from previous years collected through their tax code
- Claiming for expenses that cannot be claimed for
- Not showing or adjusting for private use adjustments on the self-employment pages.
Tax needn’t be taxing but why not appoint one of our Accountants or Tax Advisors to take away the worry.
Please contact your local office for a free and informed consultation.