Tips to Prevent Errors in Your Self-Assessment Tax Return

 

As the tax return deadline approaches, the pressure to file quickly can increase stress levels. But don’t make the mistake of rushing through the process. This may lead to errors and potentially result in higher tax bills. In severe cases, the HMRC might even investigate your finances, issue additional tax charges, and impose penalties, especially if they suspect fraudulent activity or undisclosed income. This is why it’s best to work with a self-assessment accountant to prevent errors.

 

Here at Allenby Accountants, we specialise in tax returns. With our assistance, you can confidently submit your self-assessment to the HMRC online by the January 31st deadline and accurately determine your capital gains tax and income tax liabilities.

But while we're here to help, it's also essential to take proactive steps to prevent errors in your self-assessment tax returns each year. Read on for valuable tips to ensure accurate and error-free submissions.

 

 

Don’t forget to declare the interest you have on your bank accounts.

 

You must declare the interest earned on all bank accounts for the tax year, except for tax-free accounts like ISAs. This includes:

·         Interest from business bank accounts

·         Interest from personal and building society accounts

·         Your share of interest from joint accounts

When working with our self-assessment accountant, it's crucial to report all income, including:

·         Salaries, wages, tips, bonuses, and benefits

·         Savings interest

·         Income from rental properties or holiday lets

·         Overseas earnings and pensions

·         Investment Income

·         State benefits like maternity or paternity pay

 

Note your NI or UTR number.

 

Your 10-digit Unique Taxpayer Reference (UTR) is crucial for identifying you to the HMRC. Ensure accuracy when entering this number on your self-assessment tax return.

Additionally, you'll need to provide your National Insurance (NI) number, which can be found on your P60, payslip, or through your tax account. If you're unable to locate this information, contact the HMRC for assistance.

 

Need more self-assessment tips?

 

Don’t hesitate to connect with a self-assessment accountant here at Allenby Accountants for more tips and tailored advice to complete your tax return correctly and promptly. Call 0208 914 8887 or request a call-back here.

Source: https://www.allenbyaccountants.co.uk/tips-to-prevent-errors-in-your-self-assessment-tax-return/