Filing a self-assessment tax return with HMRC can be tricky—especially if you’re self-employed or new to the process. Here are five common pitfalls to avoid and how to stay on the right track:

1. Missing the Deadline

The online filing deadline is 31 January. Miss it and you could face a £100 fine to begin with.
✅Tip: Set reminders and start early—ideally in spring, not January.

2. Not Registering in Time

New to self-assessment? You must register by 5 October after the end of the tax year.
✅Tip: Register as soon as you start earning untaxed income.

3. Forgetting to Claim Expenses

Many people pay more tax than necessary by skipping allowable expenses.
✅Tip: Track costs like mileage, home office use, and software subscriptions.

4. Making Errors

Typos, incorrect figures, or missed income can cause delays or penalties.
✅Tip: Double-check your return and keep all supporting documents.

5. Not Budgeting for the Bill

Underestimating your tax can lead to cash flow issues or late payment charges.
✅Tip: Set aside 20–30% of your income as you earn.

Final Word

Avoid stress by staying organised, keeping good records, and starting early. If you’re unsure, consider speaking to one of our accountants or tax advisors—it could save you time and money.

Simply visit our ‘Contact Us’ page to get in touch or call us on 02920 624230.