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Running a business can be stressful even without the pressure of the 31 January self-assessment tax deadline. It’s imperative to set aside the time to get it finalised but tax really doesn’t have to be taxing says Jonathan Amponsah.
An expert tax adviser, Jonathan has helped many clients over the past decade and has successfully defended clients against HMRC at the tax tribunal.
Guest post by Jonathan Amponsah CTA FCCA, Easy Tax Returns If you a rushing to meet the 31st January deadline to file your tax, then be aware of these 11 most common mistakes: 1) Not using the white space to explain unusual variations If you know there is something unusual, explain it. HMRC is then far …Read More
It is easy to make an unintentional mistake on a tax return. Being aware of these common errors will help you to be accurate and avoid raising unnecessary questions or risking an investigation by HMRC.
Entering the same expenditure in different boxes each year
In their haste to get the return filed, many taxpayers misclassify the expenses. For example, a driving instructor putting fuel cost in the cost of sales figure one year and then in motor expenses the next will produce large variations.
Similarly entering the figure of capital expenditure in the wrong box on the self employment pages instead of the capital allowances section will cause variations. Such variations will be a red flag for HMRC so be correct and consistent.Read More
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