New technology identifies susceptible sectors
The self-assessment deadline may have been and gone, but the taxman has announced that they have new technology which can indicate which sectors are most likely to have filled in their self-assessment incorrectly.
This is done by looking at patterns throughout the economy, and then determining susceptibilities. For example, one area that could be under more scrutiny is for those who sell direct into people’s homes, such as your local Avon representative or a mobile hairdresser.
When preparing your accounts, it is also important to remember that you need to include all sources of income, and not just what you earn from your job. Inheritance money, property dividends and investments all need to be accounted for so you are paying the right levels of tax.
If you are a freelancer, ensuring you keep vigorous notes about where you work and how much you earn will prevent you from getting into a spot of bother.