Common Mistakes to Avoid When Filing Your Self-Assessment Tax Return
Although filing your self-assessment tax return can seem overwhelming, doing so is necessary to avoid fines and to remain in compliance with HMRC laws. Be it a small business owner, freelancer, or someone with additional income, being aware of frequent mistakes can help you save time, money, or stress. Here are five typical errors to avoid when submitting your HMRC self-assessment tax return . Missing the Filing Deadline The most frequent and expensive error is failing to meet the filing deadline. The deadline for online submissions is January 31st following the end of the tax year (April 5th). The deadline is earlier—October 31st—if you're filing on paper. If you miss these deadlines, you will be fined £100 right away, regardless of whether you owe money on taxes or receive a refund. Interest and penalties may apply if there are any more delays. So put reminders in your calendar, note the deadlines, and try to file well in advance of the due date to prevent this. Failing to ...