Founded in 2001, Gross Klein Wood Accountants have established themselves as leading accountants in Peterborough UK. With the Self Assessment deadline approaching, we’re here to clear up some common misconceptions about tax returns.
HM Revenue and Customs (HMRC) reminds taxpayers that anyone needing to complete a Self Assessment tax return for the 2023 to 2024 tax year should inform HMRC by 5 October 2024.
HMRC recently released some myths surrounding Self Assessment and as experienced accountants in Peterborough UK we think you should hear them:
Myth 1: “HMRC hasn’t contacted me, so I don’t need to file.”
Reality: It’s your responsibility to determine if you need to complete a tax return. You might need to register if you’re newly self-employed with earnings over £1,000, a new business partner, or have received untaxed income over £2,500, among other reasons.
Myth 2: “I must pay tax when I file my return.”
Reality: False. Even if you file today, the payment deadline for the 2023 to 2024 tax year is 31 January 2025. Budget Payment Plans are available to spread costs.
Myth 3: “No tax owed means no return needed.”
Reality: You might still need to file to claim refunds, tax relief on expenses, or pay voluntary National Insurance Contributions.
Myth 4: “HMRC will automatically remove me from Self Assessment.”
Reality: You must inform HMRC if you no longer need to file. Otherwise, they’ll continue to expect your return.
Myth 5: “HMRC is cracking down on online sellers.”
Reality: Tax rules haven’t changed. Selling personal items online doesn’t typically require Self Assessment or Income Tax payments.
As accountants in Peterborough UK, Gross Klein Wood offer comprehensive services including Self Assessment for clients in Peterborough, Stamford, Lincolnshire and Cambridgeshire.
Don’t let Self Assessment myths catch you out. Contact Gross Klein Wood, your trusted accountants in Peterborough UK, for expert guidance on all your tax and accounting needs. With our expertise, you can face tax season with assurance, knowing you have a team of accredited experts on your side.
Recent Comments