-
News
-
Blog
-
Archive
Every year, thousands of self-employed individuals and small business owners in Bolton miss tax deadlines or submit inaccurate tax returns — often without even realising it.
Let's explore the most common self-assessment mistakes, how they can cost you money (or worse), and what a professional accountant can do to help.
Why Self-Assessment Is a Big Deal
If you're:
- A sole trader
- A landlord
- A company director
- Or someone earning over £1,000 outside PAYE…
...you likely need to submit a self-assessment tax return. This isn't just admin — it's a legal obligation, and HMRC is quick to fine those who get it wrong.
The Top 5 Mistakes We See in Bolton
- Missing the 31 January deadline
- Even one day late = £100 penalty.
- Delay past 3 months = fines grow quickly.
- Underreporting income
- Side income, rent, dividends, or foreign income — HMRC has ways to find them.
- Incorrect or excessive expense claims
- “Business use” of your phone or home needs to be calculated properly.
- No receipts or records
- You need to keep proof of your claims for at least 5 years.
- Using the wrong tax code or forgetting payments on account
- This can lead to surprise tax bills later.
How a Bolton Accountant Prevents These Mistakes
With YRF Accountants, you get:
- Accurate income reporting and expense tracking
- Deadline reminders and timely submission
- Maximised tax savings
- Expert advice if you receive an HMRC letter
- Peace of mind if your accounts are reviewed
Explore our full Self-Assessment service for details.
Should You Do It Yourself?
If your tax affairs are simple, self-filing is possible — but for many, the risk isn't worth it. Hire a local Bolton accountant if you:
- Own property
- Run a business
- Work in CIS
- Have foreign income
- Are unsure what you can claim
Don't Wait for a Penalty Letter
We help dozens of people across Bolton file their self-assessment stress-free.
Get in touch or call 01204 938696 and let us take the pressure off.