Five mistakes to avoid on your UK tax return is this weeks short video. Are you dreading your UK tax return for 21-22, and want to avoid making mistakes and facing penalties? Have no fear, I Hate Numbers is here to guide you through the process, and help you avoid five common errors and oversights while completing your tax return.
In my video, How to avoid five mistakes on your UK tax return, I’ll share valuable tips that will help you accurately complete your UK tax return and make sure it passes muster with the HMRC. I’ll explain five of the most commonly made mistakes when completing a UK tax return so that you can be informed and confident when filing yours.
First, I’ll talk about the tax treatment of student loans. There are four types to consider, Plan 1,2 , 4 and postgraduate loans.
Secondly, I talk about working from home allowances. This covers claims for directors, working from home because of COVID . Often, people miss out due to ignorance or lack of knowledge of how to claim such deductions.
Then I’ll cover working from home expenses. In my video, I’ll go in-depth with advice on what kind of expenses qualify for a rebate so that you don’t miss out on money owed back to you!
Fourthly, the High Income Child Benefit Charge – this applies if one partner earns more than £50k per year and you are claiming child benefit.
Finally, I’ll tackle payments on account a possible nasty shock to you and your bank balance. I explain what they are, and how you can even reduce them.
So if all of this sounds daunting then rest assured – my video How to Avoid Five Mistakes on Your UK Tax Return provides information tailored especially for avoiding these common errors while completing your next UK tax return. Don’t hesitate; watch today and stay informed!
For more details on the tax return, what to claim, and payments on account check out my previous blog on this topic, more words, and details. Furthermore, a FREE online tax calculator, use the slider to show what your tax you may have to pay.
Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.
This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, my book will help with that battle between the ears, that all business owners experience. Learn more and buy my book today!
Get in touch with us to help make your life easier and stress free. Contact us if you need help figuring out and sorting your numbers, creating your future financial story plans, your tax , payroll and other accounting and business matters