Filling in your Tax Return in time!

HMRC have reported that there are still 6 million people who have not yet filed their Self Assessment Tax Return and time is running out.

The Self Assessment Tax Return deadline is looming (31 January) and leaving your return to the last minute could cause you to make careless errors.

To avoid making mistakes, filing online is good as calculations are completed automatically and there is on screen help should you require it, but still it is easy to trip up.

There are five common mistakes which are made:-

  1. The most common mistake – omitting a source of income, often the interest arising from your bank/building society account.  All income must be declared.
  2. Including your gross amount of interest instead of your net amount after tax.
  3. Using the wrong tax code – always make sure you have the correct tax code.
  4. Forgetting to include your Gift Aid when making donations.  If you are a higher rate tax payer, you can claim extra relief on your donations.
  5. Forgetting to pay what you owe – once you have submitted your tax return online you MUST remember to pay what you owe before the deadline too!  This also applies to those who submit a paper return.