We are an accounting firm that possesses over three decades of experience. Using our knowledge and talents, we assist clients with every area of the profession. Today, local individuals as well as businesses consider ours the number one team working in tax returns London has. It doesn’t matter what it is you’re struggling with because we can help you to get things in order.
Most people need to file a tax return at some point. As you’re making preparations to complete your self-assessment, you should stay alert. This is because there are a multitude of common pitfalls out there that people are unable to avoid. To ensure that you don’t end up in a bad situation, we’re going to discuss some of them here.
Reference numbers
Omitting or using incorrect reference numbers is one of the biggest mistakes taxpayers make. You must quote your unique tax reference on your returns. This is the 10 digit number that shows up on your HMRC documentation. Those who don’t know it can phone HMRC up and ask that they post it. They can’t disclose it over the phone, so don’t ask for it at the last minute.
Reveal all the facts
Another recurring pitfall is failing to declare your entire income. Your tax return has to include all earnings for the year. If you’re a sole trader, you must include money for work you have completed or that you’ve invoiced. You need to list every other source of income too. This means earned interest on rent from a property or savings account, and also payments from a second job.
At Brian G Lonis & Co, it’s our job to aid you in understanding tax and how it works. We help our customers to plan ahead. This way, they won’t leave everything until the last minute, which will be too late in many cases. We are proud of our ability to provide the best advice about tax returns London has to offer.
If there is something we can do for you, please get in touch.