There are loads of books on the market to help you prepare your self-assessment tax return each year.
There is even more information available online which will give you the answers you seek. However, whilst you may save a few pounds by doing it yourself are you actually doing it correctly?
If you bought the "Tax Return Organiser" book from W H Smith recently, hoping to sit down on a Sunday afternoon and complete your return, you may have got more than you bargained for according to an article on Money Saving Expert (and other places). The said book was roughly 5 years out of date which meant your tax calculation would have been wrong and you would have faced fines from HMRC for an incorrect return.
Luckily a copy of the book was spotted by the head of public affairs and public policy at the Association of Accounting Technicians. His tweet to WH Smith has resulted in the books being pulled from sale (they do say that they weren't on sale in every store, but they were online).
It's often not too difficult to prepare your own tax return but you should be aware of the nuances surrounding the tax legislation. As HMRC used to be fond of saying, "tax doesn't have to be taxing", but the reality is that it can be. If you are going to do your own return make sure you check the rules carefully. If you aren't sure, ask a qualified tax advisor or accountant to do it for you – it may not be as expensive as you think.
If you want to talk about your own tax return and ensure it is completed correctly please contact the Marc Dorsett at Gepp Solicitors who will be pleased to help you. Marc can be reached on 01245 22816 or dorsettm@gepp.co.uk
This is not legal advice; it is intended to provide information of general interest about current legal issues.
