Tips on How to Maximise Your Tax Refund
When it comes to filing your self-assessment, one of the most common questions we hear is: how to maximise your tax refund? Whether you’re self-employed, a landlord, or a company director, knowing how to legally reduce your tax bill can result in more money back in your pocket. At TRW Accountants, we help individuals and businesses across Dover make the most of their tax returns with simple, practical advice.
Here’s what you need to know to increase your chances of getting a larger refund.
Keep Well-Organised Records
The first step is keeping accurate, up-to-date records of your income and expenses. This includes receipts, invoices, bank statements, and mileage logs. Having well-organised records not only makes filing easier, but it also ensures you don’t miss out on deductible costs that could reduce your tax bill.
If you struggle to keep on top of this, our bookkeeping services ensure your records stay clean and ready for tax time.
Understand What You Can Claim
Many people miss out on refunds simply because they don’t know what they can claim. Allowable expenses vary depending on your work, but common ones include:
- Home office costs (if you work from home)
- Travel expenses for business
- Professional subscriptions and insurance
- Equipment or tools essential to your work
By identifying the right deductions, we help clients reduce their taxable income and boost their refund. We base our work on guidance from the official HMRC Manuals to make sure everything is compliant.
File Your Return on Time
Missing the self-assessment deadline can lead to penalties — and it might also delay your refund. Filing early not only helps you avoid stress, but also means any refund due is processed quicker. As your tax return specialists in Dover, we’ll ensure everything is submitted properly and on time.
Check for Overpaid Tax
It’s common for people to overpay tax during the year, especially if they have more than one job or receive untaxed income. A thorough review of your finances allows us to spot where you’ve paid too much and recover that amount through your tax return.
How TRW Accountants Can Help
At TRW Accountants, we’ve helped hundreds of clients across Dover claim everything they’re entitled to and improve their refund outcomes. We understand the ins and outs of HMRC’s rules and take a personalised approach to each return.
If you’re wondering how to maximise your tax refund, contact us for straightforward, professional support that makes sure you don’t leave money behind.
You can also read more about accounting services and explore other trusted local accountants if you need additional help in your area.