Missing the Deadline
One of the most common mistakes when filing a Self-Assessment tax return is missing the deadline. HMRC imposes strict penalties for late submissions, with fines starting at £100 for just one day late and increasing the longer the return remains un-filed. To avoid these penalties, mark the Self-Assessment deadline on your calendar and aim to file your return well in advance. Filing early also gives you time to correct any errors and ensures that your return is submitted without last-minute stress.
Incorrectly Reporting Income
Accurately reporting your income is crucial when filing your Self-Assessment. Failing to report all sources of income, such as freelance work, rental income, or investment earnings, can lead to underpayment of taxes and potential penalties. Make sure to include all income streams on your return and double-check your figures for accuracy. If you’re unsure about how to report certain types of income, our Self-Assessment service can provide the guidance you need to ensure your return is accurate.
Forgetting to Claim Allowable Expenses
Many taxpayers miss out on valuable tax deductions by forgetting to claim allowable expenses. These can include business expenses, such as office supplies, travel costs, and professional fees, as well as work-from-home expenses for those who operate from home. Keeping detailed records of your expenses throughout the year is essential for claiming these deductions on your Self-Assessment. Our service helps you identify and claim all eligible expenses, reducing your tax bill and ensuring compliance with HMRC regulations.
Not Seeking Professional Help
Filing a Self-Assessment tax return can be complex, especially if you have multiple income streams, investments, or significant deductible expenses. Not seeking professional help can lead to errors, missed opportunities for tax savings, and potential penalties. Our Self-Assessment service is designed to take the guesswork out of tax filing. With our expert guidance, you can be confident that your return is accurate, compliant, and optimized for tax savings.
