Common Mistakes Made in Self Assessment Tax Returns
Finding it hard to fill in your tax return correctly? We will keep right! Follow our self-assessment tax return guide to avoid making mistakes.
At The Kelvin Partnership, we have helped countless clients to submit their tax returns. We offer a range of tax services, from help with tax planning to simply understanding tax. It is so easy to make mistakes when filling in forms, so why not follow this self-assessment tax return guide to avoid that from happening!
A very common error we have come across is people submitting incorrect amounts. Incorrect figures on your tax return might be a simple mistake that has been overlooked, however, to HMRC it might appear suspicious! You do not need the hassle of HMRC. Why not ask one of our accounting team to look over your figures? Sometimes another perspective allows you to see things you may have not before.
Failure to Declare Income
Another point at which mistakes are made is when it comes to declaring your income. Income does not just mean the money you earn, you must declare income from any rented out properties you own, capital gains, maternity/paternity pay, and much more! Failing to declare your whole income is very dangerous. If you are unsure of what you personally need to declare, do not hesitate to ask one of our team for help. This self-assessment tax return guide is here to ensure you keep on the lookout!
Concentrating on declaring the right income, it is often the case that people forget that smaller details matter too! This includes things like ticking the wrong boxes, incorrectly filling out your national insurance (NI) number or simply missing parts. Though the deadline on the 31st of January is for online self-assessment only, it is still important to remember to take time in filling out each part carefully.
It would also be worthwhile to look at the HMRC website, they have lots of advice about how you can complete the process properly and successfully.
Missing the Deadline
The deadline for submitting your 2016/2017 online tax return is on the 31st of January 2018. If you miss this deadline, you will have to pay penalties, which will increase the longer it takes to submit it. However, if you follow the advice of our self-assessment tax return guide, there is no chance you will miss the deadline!
Self Assessment Tax Return Guide from The Kelvin Partnership
At the start of a New Year, there is so much people are thinking about! Refresh your business with the help of a Glasgow accountant from The Kelvin Partnership, look at our last post to find out how your business could be improved for 2018.
Make sure your tax return is filled out correctly, with help from The Kelvin Partnership.