5 Top Tax Filing Mistakes to AVOID!

Tax season can be a confusing and stressful time, especially for those unfamiliar with the intricacies of the system. But fear not! By avoiding these common mistakes, you can save yourself time, money, and unnecessary stress:

Mistake #1: Missing the Deadline:

Don’t be that person scrambling at the last minute. The deadline for filing your Self Assessment tax return is usually October 31st for paper returns and January 31st for online submissions. Mark your calendar and file well in advance to avoid penalties.

1000_F_435831518_TRuYxDBjY119EHNGvUbmjO2xKlhpkSv4

Mistake #2: Neglecting to Register

If you’re new to self-employment, sole trading, or have rental income exceeding £2,500, you need to register for Self-Assessment with HMRC. Do this early to avoid delays in claiming deductions and paying your National Insurance contributions.

register

Mistake #3: Forgetting Expenses

Don’t miss out on valuable deductions! Keep detailed records of allowable business expenses like travel, equipment, and marketing costs. Remember, you can only claim expenses incurred wholly and exclusively for your business.

expenses

Mistake #4: Misinterpreting Allowances and Reliefs

Understand the difference between personal allowances, personal tax reliefs, and trading allowances. Misinterpreting these can lead to overpaying tax. Research and utilize all applicable allowances and reliefs to minimize your tax burden.

allowance

Mistake #5: Filing the Wrong Form:

Choose the correct Self Assessment tax return form based on your circumstances. HMRC offers different forms for self-employed individuals, partnerships, and landlords. Choosing the wrong one can lead to processing delays and potential penalties.

allowance

BONUS TIP!

Seek professional help if needed! At Adroit Accountax we can guide you through the complexities of the HMRC tax system, ensure compliance, and help you maximize your tax efficiency. Get in touch with us today!

Share this post