Making errors with your self-assessment tax return can result in wasted time, unnecessary stress and costly penalties.
Before you hit the submit button, read this blog and check that you’re not making any of these common errors on your self-assessment tax return.
Not registering in time
Those filling out a self-assessment tax return for the first time must register with HMRC at least a month in advance as it can take a few weeks to receive your Unique Taxpayer Reference (UTR) number.
Incorrect expenses claimed
Claiming expenses can be a minefield as there are lots of rules surrounding what can and can’t be claimed for. Before submitting your expenses, make sure that you have done your research and feel confident that they are all allowed expenses as incorrect claims can incur penalties.
Failing to declare all income
When your tax return asks for details of your income, it really does mean allyour income. This includes income from employment, pension, benefits, interest from savings, property, capital gains, foreign income, dividends, and more. Make sure that you have got absolutely everything covered to avoid receiving a penalty or even being prosecuted.
Not proofing the form
A lot of self-assessment errors could be avoided with a simple bit of proofreading and figure-checking before submission. Make sure you leave yourself enough time to go back over your form and double check that you’ve entered all your figures correctly. Be sure to double check your national insurance number and UTR number too.
Missing the deadline
If you fail to submit your tax return on time you will incur a penalty, which will keep on growing the later you are. Don’t forget that the deadline is different depending on whether you are submitting a paper or digital return. You can view deadline dates for your diary on the HMRC website.
If you require help with your self-assessment tax return, get in touch with our team of experts here at Michael Bell Accountants by calling us on 01484 690 730.