It’s that time of year again! Tax, tax, oh, and more tax.
Buried under a mountain of receipts, April is not a fun time for all you self-employed workers and sub-contractors in the industry. Evenings are spent surrounded by mess, stressed to the limits trying to get your tax return completed. Instead of getting to spend time with your family when you get home from site, you’re having to carry on working into the early hours of the morning.
And, if you decide to go against this and use an accountant instead, you get the shock of a lifetime when you’re hit with that massive bill. Not good! All in all, April is a stressful month.
This can then be made ten times worse if you end up filling your tax return in incorrectly. Of course, it’s only natural to want to get the most out of your tax return. But, there could be serious consequences coming your way if you start over-claiming or under-reporting your taxes.
In fact, last year, figures were released that revealed 36% of self-assessment taxpayers were found to have under-reported on their taxes. And, this number soon jumps to 60% when it comes to the self-employed!
More often than not, this is done through simple mistakes made by workers trying to complete their own tax returns rather than deliberate evasion. However, either way, you could soon be facing a hefty fine from HMRC with penalties starting at double the tax due!
But, how can this be avoided? No one wants to be hit with a fine from HMRC or be paying ridiculously expensive accountancy fees. Especially when this money could be sent on better things like treating yourself or spending time with your family.
Well, we asked leading experts My Tax Hero for their advice on the matter. They specialise in maximising the amount of money sub-contractors can get from their tax rebate. All without the big costs of hiring an accountant.
They described: “Our main aim is to maximise tax rebates for sub-contractors.”
“Making sure you get the most out of your rebate without the risk of overclaiming.”
“And, for one fixed cost of £149, you can sort all your tax rebate issues with us.”
Plus, the money they save you tends to cover these costs anyway!
They added: “With a set of accountants in your corner, they can produce a set of accounts and submit your tax return for you.”
“Along with offering other invaluable advice, you can receive your rebate fast and without all the hassle.”
“Leaving you with the time to run your business and spend time with the people you care about instead of being bogged down by paperwork.”
“Liaising with HMRC on your behalf, we can also look into other eligible tax benefits for you too!”
“And, with HMRC bringing in more complex tax return regulations in 2019 with their Making Tax Digital scheme, things aren’t about to get easier.”
“Instead, sub-contractors will find themselves having to submit five tax returns every year!”
“But, we can make the entire process a whole lot smoother for you.”
So what do you think of this? If you think My Tax Hero can help you, take a look at their site and sign up at www.mytaxhero.co.uk.