Offshore Accountants have brought together the most common mistakes made at the self assessment deadline.
1) Registering to late with HMRC. This can take 7 days for the activation code to arrive in the post.
2) Failing to submit your tax return. When you file your return online do not forget to click the submit button, you would be surprised how many people do this.
3) Failing to make your tax payment by 31st January.
4) Leaving some income out i.e.: Interest, Pension, Rental Income.
5) Ignoring your pension contributions and not putting these on your tax return.
6) Not being aware of payments on account.
7) Getting your tax code wrong. This years standard tax code is 1000L. This doesn’t mean to say everyone is to use this code, you may have been issued a new code during the year by HMRC.
8) Failing to declare charitable donations. Include this on your tax return it reduces your tax liability.
9) Getting your numbers wrong. We all makes mistakes sometimes, but you only have until 31st January to correct any errors. Late correction will end up with you receiving a penalty for late submission.
10) Failing to deduct your taxable expenses. If you are self employed you can reduce your tax bill with expenses incurred during your work.
If you need help with your self assessment (Tax Return) contact Offshore Accountants asap, don’t leave it till the last minute you still have time.