Tax & Self Assessment
It is said, that two things are certain in life, one is death; the other is tax!
At some time we will all die. To some degree, the way we live our life gives us some control as to when. Excepting unforeseen circumstances, we all generally take reasonable care to ensure we have a long and healthy life.
What about Taxes? Like death we all would rather it not happen, or at least avoid it, but it is inevitable. Do we, however, take all reasonable care to ensure we only pay the appropriate level of Tax?
How many people, who submit their own self-assessment tax return, actually get it right?
There are a host of pitfalls.
- Have I paid the right tax?
- How do I pay tax on a car or health insurance with my job?
- What if I have income from investments, e.g. building society interest or dividends?
- What if I have a lodger?
- What costs can I claim against the rental income?
- What are my tax deadlines and what happens if I’m late?
- How do I avoid penalties?
If you get it wrong, would you be confident in the Inland Revenue pointing it out to you?
As your taxes are based on the information you submit, is it not possible, that the Inland Revenue will not inform you because they do not know. As Tax is not your field of expertise, you don't know what you don't know.
If you thought you had an illness that could seriously affect your life, would you treat it yourself, or would you seek the help of a professional (a Doctor). If you had a wealth issue that could seriously affect your life, would you deal with it yourself or should you seek the help of a professional (a Chartered Accountant).
Taxes and the associated rules are like the tide, they continually change so, even for us professionals it’s a full time job tracking the changes.
