Best Business Consultants in Rainham

New post: What happens if HMRC discovers that a self-assessment is incorrect? The thought of submitting a self-assessment tax return sends shivers down the spine of many a self-employed person! The complexities of tax regulations and the fear of making mistakes can lead to sleepless nights for even the most financially savvy among us. But what happens if you or HMRC do discover a mistake? If HMRC finds errors in your self-assessment, they will issue a penalty notice. A fine may be avoided if you report the error first. The amount you are fined depends on whether it was an honest mistake. Deliberate mistakes can incur fines of up to 100% of the tax owed and even result in legal action. But I’m not here to scaremonger! In this article, I’ll delve into what happens if a mistake is found on your income tax return and share Jameco’s advice on avoiding common pitfalls...