Avoiding Common Mistakes in Self Assessment Tax Returns

Filing your self-assessment tax return can be a challenging task, especially if you’re doing it on your own. Mistakes are easy to make, and they could lead to penalties or unwanted attention from HMRC. Whether you’re a small business owner or an individual, working with an experienced accountant for self-assessment can help you avoid errors and ensure your tax return is filed correctly.

At Countify, our team of professional Glasgow accountants has helped countless clients submit their tax returns accurately and on time. We specialize in providing expert tax services, from tax planning to tax compliance. Below are the most common mistakes people make when filing their self-assessment tax returns and how you can avoid them with the help of our expert self-assessment accountants.

Common Mistakes in Self-Assessment Tax Returns

  1. Incorrect Figures
    A common mistake we see is the submission of incorrect figures. Whether it’s a simple oversight or a miscalculation, incorrect figures can raise red flags with HMRC. Double-checking your numbers is essential, but even better is having a self-assessment accountant review your return. An additional perspective can often catch things you might have missed.

  2. Failure to Declare All Income
    Not declaring your full income is another frequent issue. It’s not just about your salary; you need to declare income from rental properties, capital gains, and other sources like dividends or child benefits. If you’re unsure what needs to be declared, it’s best to seek advice from an accountant for small businesses. With our expertise, you can rest assured that all income sources are correctly reported, helping you avoid penalties.

  3. Overlooking Minor Details
    It’s easy to focus on the big picture and forget about the small details. Things like entering your national insurance (NI) number incorrectly or ticking the wrong boxes can delay your tax return and lead to complications. Working with a self-assessment accountant in Glasgow can ensure every detail is filled out correctly, minimizing the risk of errors.

  4. Missing the Deadline
    Missing the deadline is one of the most costly mistakes you can make. The penalty for late submission starts small but increases the longer it takes to file. For the 2023/2024 tax year, the deadline is the 31st of January 2025 for online submissions. To avoid unnecessary penalties, make sure you’re prepared ahead of time by seeking guidance from our accountants in Glasgow.

How Much Does an Accountant Charge for Self-Assessment?

Many people hesitate to hire an accountant due to cost concerns, but the expense is often outweighed by the benefits of accurate and timely tax filings. The cost of a self-assessment accountant varies depending on the complexity of your financial situation, but hiring a professional can save you money by ensuring you maximize allowable deductions and avoid penalties. If you’re looking for a reliable self-assessment accountant near me, Countify offers affordable and transparent pricing for our services, ensuring peace of mind without breaking the bank.

Why Choose Countify for Self-Assessment?

At Countify, we pride ourselves on offering a comprehensive range of accounting services tailored for individuals and small businesses. Whether you’re looking for a small business accountant or a personal accountant in Glasgow, we’re here to help you navigate the complexities of self-assessment. Our Glasgow accountants specialize in providing personalized, hands-on support, ensuring that your tax return is filed accurately and on time.

We also provide guidance on tax-saving opportunities, helping you make the most of deductions and allowances available to you. Whether you’re a small business owner or filing personal taxes, our expert team is here to ensure that your self-assessment process is as smooth and stress-free as possible.

If you’re struggling with your self-assessment tax return, don’t hesitate to contact Countify today. Our experienced team of accountants for self-assessment in Glasgow, Scotland, is here to help you avoid common mistakes and submit your return with confidence.