Finmo estimates that on average, freelancers overpay their taxes by £400. Don’t make the same mistakes on next year’s taxes.
Offering a free review of last year’s Self Assessment
Finmo Members are among the most impacted groups during this unprecedented time in our history. At Finmo, we help Self Employed and those with side income track and file their taxes. Throughout the Finmo process, we especially add value by providing guidance as it pertains to HMRC’s rules.
It is with this guidance in mind that I am opening up Finmo’s Review product to anyone who needs it. This means we can maximise the financial impact for those who are in a tight spot right now.
We hope this crisis is on the shorter rather than longer end and I look forward to getting through it together.
You may have paid too much
Below are some common errors we find when reviewing our Member’s previously submitted Self Assessments.
You miscategorised expenses
You may have miscategorised some expenses into categories that are not actually considered claimable. Correct expense categorisation makes a difference.
You used simplified expenses
Simplified expenses are simple. But, sometimes, simple isn’t the best. Often times freelancers take the easier and faster way which could cause them to pay more than they would have otherwise.
You forgot to include your PAYE income
Sometimes your PAYE takes out too much tax. When you file your Self Assessment, you need to include information from your P45 or P60 and you may be owed money from that job(s).
You were too conservative
There are many expenses you can claim partially or wholly for your business – there are specific rules for different types of expenses and those rules sometimes depend on what you do for a living.
Self Assessmet Review
How it works
Speak to one of our experts
Speak to one of our experts about your tax circumstances to determine whether a full Tax Review is right for you.
Upload last year’s self assessment
Upload your previous Self Assessment(s) for a Finmo Accountant to review.
Schedule a call to discuss our findings
Discuss any findings and receive tips on how to improve your submission for next year.