⚠Filling out a self assessment tax return can be daunting and difficult.Here are some common mistakes to watch out for.
Getting your calculations
wrong
Don't guess or estimate the figures. Get it right and double-check it.Incomplete information
It can take a lot of work to fill in all the blanks when your finances are complicated - but it's worth it. Remember that this information can actually save you money or qualify you for tax relief. Depending on your situation, you might have to give details of all the things.Missing a deadline
Paper tax returns have to be filed by the 31st of October . If you're doing it online, you've got until the 31st of January
. The fines for missing a tax return deadline start at £100 for being even a single day late. After that, things just get worse.
Not doing your homework
Filing a self assessment tax return means paperwork. From the money
you've got coming in to the miles you're travelling
, you need to get used to keeping good business records
.
