Five mistakes to avoid on your tax return

Avoidable mistakes on your tax return is this weeks topic.  It's tax season, and the stress of preparing your return can feel overwhelming. But don't worry - I Hate Numbers is here to help! On this week's podcast, I'm talking about Avoidable mistakes on your tax return, five of them to be exact.

The first mistake I'll be discussing is student loans. Many taxpayers are unaware that they may be liable for student loan deductions.  It pays to do your research and see if you're eligible! Ignoring these potential deductions can cost you precious money in the long run.

Next, I'll dive into the impact of COVID on both employees and directors who work from home. Many taxpayers don't realize that they may be able to deduct expenses related to working from home. Don't let a well-deserved deduction slip through the cracks!

I'll also cover self-employed expenses and how those deductions can add up over time. Self-employed taxpayers have plenty of options for reducing their tax liability, but it's important not to overlook any possible deductions.

Another key area I'll discuss is the High-Income Child Benefit Charge. This applies to families with high income earners - if you fall into that category, make sure you know what applicable charges could affect your taxes this year!

Finally, I'll talk about Gift Aid payments and how those might factor into your return. It's crucial to understand how these payments will be taxed - otherwise you could be missing out on valuable savings opportunities!

Don't miss out on these essential insights - tune in for my I Hate Numbers podcast on five mistakes people make with their self-assessment tax returns! With my guidance, you can save yourself time, money, and stress this tax season.

Conclusion and good to know

The I Hate Numbers podcast isn’t just about taxes though.  Other topics are covered, for example cash flow management, budgeting, forecasting, debt management and more! Every episode provides actionable advice from experienced professionals who explains complicated concepts in an easy-to-understand way.

I understand that dealing with finances can feel overwhelming at times but don’t let that stop you from taking control of your finances! Tune into my I Hate Numbers podcast today where we provide vital information plus practical advice in a fun way!

Need help with this process, please don’t hesitate to contact me. I’d be happy to advise you on your taxes and how to minimise them.