Have you made a mistake? How to Make Changes to Your Tax Return
The 31 January 2019 deadline for filing the 2017/18 self-assessment tax return has now passed. You filed your return on time and paid the tax you thought was required, but now you realise you made a mistake. Is it too late to fix it, and if not, how do you do it?
Time constraints
Once a tax return is submitted, it can be amended; however, you only have 12 months from the filing deadline to file an amended return. This means you have until January 31, 2020, to file an amended 2016/17 return if you filed it online. However, if you discovered an error in your return for 2017/18 or an earlier year, you can no longer file an amended return. Instead, you must notify HMRC of the inaccuracy and provide them with the proper statistics in writing.
Replacing the return
If you still have time to file an updated return (for example, if you want to revise your 2017/18 tax return), the process for doing so depends on whether you filed online or on paper.
If you filed your return online, you can also alter it online. To do so, sign in to your HMRC online account and go to the home 'at a glance' page and pick self-assessment. It will notify you that you have completed your self-assessment return for the 2017/18 tax year under the heading of 'returns' and will present a number of alternatives, including the option to A 'mend Self-Assessment return for year 2017 to 2018'. By selecting this option, the taxpayer is given a range of options for revising the previously submitted return, and is asked if they want to:
add a new section to your submitted return; modify numbers already filed; delete a section from your submitted return; add/delete a part and/or amend a figure; or return to tax return options
Then it's just a matter of picking the appropriate choice, revising the form to display the correct figures, and filing the modified return.
If the return was filed using a commercial software package, see if it allows for the filing of amended returns. If this isn't possible, call HMRC and ask them.
When a paper return is filed, the 12-month amendment window runs from the filing deadline to the 31st of October (as an earlier deadline applies to paper returns). To make changes to a paper return, create a new one, fill it out accurately, and send it to HMRC.
Pay more tax or get a rebate
Amending your tax return will also impact the amount of tax you owe. If it is higher, you must pay the difference, plus interest (which runs from the due date of 31 January after the end of the tax year). If your tax bill decreases as a result of the adjustment, you can request a refund - but remember, you only have four years from the end of the tax year to do so.
Inform is here to assist you, so please contact us if you require any additional information on this or any other tax-related issues.