UK Tax Mistakes! Don’t Get Caught Out

Tax Mistakes

Are you eligible for UK tax refunds?

Have you been paying the wrong amount in tax? We find that many people are; the mistake can be from either side with even HMRC making the occasional error. UK tax mistakes can range from people having the wrong tax code to incorrectly filed tax return forms. Read up and identify where you may have an inaccuracy in your tax file and let Taxback.co.uk evaluate your eligibility for UK tax refunds.

*The following figures are for the 2018/19 tax year.

1. Missing out on your allowances can cause tax mistakes

You are allocated a tax-free personal allowance of up to GBP 11,850 for the tax year; if you do not deduct this amount as an allowance from your tax bill, you will be paying more than is needed. One reason most Britons opt for the services of a qualified tax accountant to oversee their UK tax return.

Related Post: How To Claim Back Your Unpaid Tax

2. Forgetting to claim ‘Blind Person Allowance’

If you are severely sight impaired and registered as blind or provided you are a resident of Northern Ireland or Scotland (where good eyesight is essential for work) you are entitled to an extra allowance of GBP 2,390. This allowance is not added automatically, hence you need to call HMRC and ask for ‘Blind Person Allowance’.

3. Not working as a ‘Team’ can increase your tax bill

Not availing yourself of married couples’ allowance if you are in a civil relationship or marriage is also a reason to have inaccurate tax submissions. Provided both of you were born after 6th April 1935, you become eligible for this tax deduction on your UK tax bill. There are conditions, of course, which one of our tax consultants will be happy to explain.

4. By not transferring your extra allowance you will end up paying more tax

If you are earning an income that’s too low and does not facilitate a 100% transfer to your ‘married couples allowance’ you can still transfer the unused portion to your partner’s account; contact us for more information.

5. Paying tax where it’s not necessary means a higher tax bill than needed

All registered UK taxpayers are awarded a Personal Savings Allowance (PSA) of GBP 1,000 which is a tax-free interest. If you are not making full use of this concession you could be paying HMRC more than is necessary.

Professional tax consultant services fully outweigh the cost of fees charged, via the savings you make on your tax bill. As you can see there are many areas where errors can occur, do contact us today for a consultation.

Related Post: How To Avoid UK Tax Penalties

Translate »