The dangers of doing it yourself

Here at Accountancy Edge we often find that people who have completed their own tax return could have paid significantly less tax if they had professional advice. However, we also find people who have paid significantly less tax than was actually due.

So why is this a problem?

If HM Revenue enquires into such a tax return and finds that additional tax is due, not only does the tax become payable with interest, but penalties of up to 70% of the tax at stake can be charged.

So doing your own tax return to save a few hundred pounds could easily end up costing you far more.

That's we advise every tax payer in the self-assessment system to seek appropriate professional advice. At least then you can be happy that you've paid the right amount in tax.