So, What Are the Most Common Tax Return Mistakes?
Filing a tax return can feel straightforward at first — until you realise just how easy it is to make a costly mistake. At TRW Accountants, we regularly help individuals and businesses across Dover correct errors that could have been avoided with a bit of guidance. So, what are the most common tax return mistakes? Here’s what to look out for and how to avoid them.
1. Missing the Deadline
One of the most frequent and easily avoidable mistakes is submitting your tax return late. The deadline for online returns is usually 31st January following the end of the tax year. Missing it leads to automatic fines and interest on unpaid tax. If you’re unsure when or how to file, our tax return service ensures everything is submitted on time.
2. Incorrect or Missing Information
Another common error involves simple typos or missing details — such as your National Insurance number, UTR, or bank information. These errors can delay your refund or cause processing issues. We double-check all details for accuracy, so your return is submitted cleanly the first time.
3. Not Declaring All Income
It’s vital to declare all sources of income, even if you think they are small or outside your main job. This includes rental income, dividends, freelance work, and anything else not taxed at source. HMRC has systems to track most income types, so leaving anything out can raise red flags.
For detailed guidance, we refer to the latest rules from HMRC manuals when preparing your return.
4. Claiming the Wrong Expenses
Not all expenses are allowable, and many people either claim too much or not enough. Common errors include claiming personal costs as business expenses or missing items you are entitled to. Working with an accountant helps you maximise your deductions without falling foul of HMRC’s rules.
5. Not Keeping Proper Records
If you can’t back up your figures with clear records, you could face an enquiry. Poor record-keeping makes it harder to prepare your return accurately and increases the risk of penalties. Our bookkeeping services keep your records organised, so everything is ready when it’s needed.
6. Forgetting to Pay What You Owe
Filing your return is just part of the process. You also need to pay any tax due by the deadline. Some people assume submitting the return is enough, only to face penalties later. We help you calculate your tax clearly and ensure your payments are made on time.
How TRW Accountants Can Help
At TRW Accountants, we work closely with clients to avoid the most common tax return mistakes and make sure everything is completed correctly. Our goal is to save you time, reduce stress, and keep you compliant with HMRC income tax rules.
If you’re unsure about any part of your return or want help from a trusted team, contact us today. We’re here to help with every stage of the process.