Simple Mistakes Every Business Makes On Self-Assessment Forms
Filling in your self-assessment is not a doddle, and getting it wrong can get you in a lot of trouble with the HMRC. Here are a few of the biggest mistakes made by business owners when filling out their self-assessment tax returns.
Not filling in the right sections
One mistake that often causes problems for business owners is when a form hasn’t been filled out properly. Often lines and even full sections are missed when a self-assessment form is filled out, which can raise questions and cause you undue stress.
Our advice? Read through the self-assessment form before you fill it in, making sure you know exactly what you need to fill in. If you have any questions, you can always contact us for help.
Getting your own details wrong
Business owners get their own information too frequently. Even though these can be fixed later on down the line, not having the right details can be both a headache for you, your accountant and HMRC. Getting it right in the first instance is always preferred.
Our advice? Check your details carefully before and after filling in the form, especially any numerical information such as your National Insurance number and any tax reference codes.
Claiming expenses by mistake
One of the biggest problems that the HMRC have at the moment is that businesses are claiming business expenses when they shouldn’t be. This can result in penalties from the HMRC as they are getting more and more strict about this kind of thing.
Our advice? Double check what you can and cannot claim as a business expense. If you’re unsure, your accountant can advise you before you sending your self-assessment form off.
Miscalculating any numbers
This is often a source of trouble when filling in self-assessment tax returns, as many people overlook a number or forget to carry the 2 when doing sums. Any misplaced decimals or numbers can have quite an effect on your self-assessment form.
Our advice? Check your numbers twice and always use a calculator. If you aren’t sure about your sums, it doesn’t hurt to ask someone else like your accountant or your partner.
Still not sure if you’re doing it right? That’s okay, Madisons is here to help. Speak to a member of our team today for advice you can rely on.