Tax Tips: Top mistakes while preparing your online tax return

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Online Tax Return & Tax Refunds

With Taxes Time 2017 nearing after Christmas, an incredible number of UK taxpayers have filed their online tax return already and thousands and thousands more will file in the approaching weeks.

With 84% of taxpayers wanting a refund, and the common size of refunds this past year attaining over £800, it pays off to spend a while and put in some effort guaranteeing your tax return success. A personal tax accountant London, UK will help on this.

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Just what exactly are the top techniques for getting your return right this season?

 

1. Ask what you’re eligible for…

You’re eligible for lay claim a deduction for just about any expense that you incurred in getting your earnings. So, if you have incurred a work-related price, and you have the paperwork to establish it, please claim it. A personal tax accountant London, UK will help to claim this. Between the common deductions many taxpayers state are:

Costs of making use of your own car for work. This won’t include traveling to and from work but it can include going to clients or suppliers, and traveling in one work-site to some other

Costs of venturing for work. If you’re necessary to work abroad, therefore you incur costs on foods and accommodation, those costs are deductible up to the total amount you actually put in. If your company will pay you an allowance to pay your journeying costs, that allowance is taxable. Your personal tax accountant London, UK can let you know more about this.

Costs of tools and other equipment. Be it the expense of tools if you are in a trade, or the price tag on a fresh computer, laptop or cellular phone if you are office-based, if you may spend it, you can assert it, provided it’s used for work purposes (whether it’s used partially for work and partially for private use, you can only just lay claim the work-related percentage). Items charging £300 or less are generally deducible completely, immediately. Items priced at more than £1,000 are deductible over many years through depreciation.

A good personal tax accountant London, UK can tell you just what you can and can’t state, minimizing the probability of an audit at a later time.

 

2. But don’t embellish deductions….

You can only just declare what you’ve put in. So, don’t fill deductions to be able to obtain a bigger refund in support of promise for costs you can verify you put in, by producing an invoice, receipt or lender statement for case. Ask your personal tax accountant London, UK to help you in this situation.

If you are doing it yourself using software like Quickbooks, MYOB, Xero or similar, come to us to make sure that they’re not over-claiming. Some software like myTax will provide you with a stern alert inviting one to rethink that deduction. Disregard that communication, and you will be going for an audit! A personal tax accountant London, UK can help you during this technical process.

If the tax authorities believe that you have acted carelessly, charges between 25% and 95% of the taxes avoided can also be charged. Your personal tax accountant London, UK can help you with the online tax return to make these calculations correct and fast.

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