Top mistakes tax payers make when completing their tax returns.
5th April 2018
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.
Disclaimer - All information in this post was correct at time of writing.
