Dundee Accountancy Firms – Common Tax Return Mistakes

Dundee accountancy firms can assist with a wide range of accounting issues, including your upcoming tax return.

Many businesses and individuals attempt to carry out all bookkeeping and tax returns on their own, and when you do this without formal training you run the risk of making one of the following common yet costly mistakes:

• One of the routine errors people make is using rounded sums and estimates on their tax returns. If you do this, it is likely that the taxman will be suspicious, believing you don’t keep proper records. This may make them ask for you to substantiate the amounts on your tax return with evidence.

• Another common mistake is claiming for expenses that cannot be claimed, resulting in loss of time and resources claiming for these expenses only to be told they do not qualify.

• There are also some business owners and individuals who aren’t claiming enough tax: so they are missing out on a considerable amount of money and damaging their cash flow.

• Some people even forget to include all of their income sources because they often leave their tax return to the last minute, and so it is a mad dash to get it filled out! (One of the most frequently forgotten about income sources is interest-earning accounts!)

• Lastly, if you do not use the services of an accountant you run the risk of your tax return being delayed. If you do not submit your return on time, you will be subject to hefty fines from HMRC; so this is a mistake you definitely don’t want to make.

As you can see, it is easy to fall foul of the law when filling out your tax return. Such mistakes can be very costly, which is why it is advisable to leave this task to leading accountants in Scotland (and one of the best accountancy firms in Dundee): MMG Chartered Accountants (https://mmgca.co.uk). Speak with our team and ensure you never have to worry about your tax return (or other common accountancy tasks) again!

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