The process of amending your Self-Assessment tax return can seem overwhelming, but with a bit of guidance, it’s straightforward. Here’s how you can amend self assessment tax return.
To begin with, it’s essential to understand that amendments can be made online if the original return was also submitted online. If you filed your return on paper, then the amendments should also be done on paper.
You should log in to your online account on the HMRC website. Click on the ‘Self-Assessment’ option under the ‘Tax Services’ section. Navigate to the tax return you need to correct and click ‘Amend’.
The online system is very user-friendly, and you simply need to go through your tax return, making the necessary changes. Be careful to only amend the areas where the corrections are needed.
Once you’ve made the changes, review your tax return thoroughly before submitting. Make sure all the information is accurate and reflects the changes you intended to make.
After reviewing, you can submit your amended return. It’s a good practice to take a printout or save a digital copy of the amended return for your records.
In terms of time limit to amend Self-Assessment tax return, it can be made within 12 months from the original submission deadline.
Remember, if the changes to your tax return result in you owing more tax, you should pay this as soon as possible to avoid or minimize interest and penalty charges.
Finally, if the changes mean you’ve paid too much tax, you can claim a refund through your Self-Assessment tax return.
What is the deadline to amend Self Assessment tax return?
When it comes to tax returns, it’s crucial to be aware of the deadlines. Filing or amending your tax returns late can result in penalties.
The deadline to amend self assessment tax return is typically 12 months from the original submission deadline. This means if the original deadline was 31st January 2023, then you have until 31st January 2024 to make amendments.
However, this doesn’t mean you should wait until the last minute to make amendments. It’s a good practice to amend your tax return as soon as you realize there’s an error. This way, you can avoid possible penalties and interest charges.
In case your tax liability changes as a result of the amendment, you’ll also need to account for the payment deadline. If the amendment results in you owing more tax, you should pay this as soon as possible to avoid or minimize interest charges.
If the amendment means you’ve overpaid your tax, HMRC will usually refund the overpaid amount. The refund process could take a few weeks, so factor this time into your financial planning.
In some exceptional cases, HMRC might allow you to amend your tax return after the deadline. You’ll need to provide a reasonable excuse for why you didn’t amend it within the time limit.
Remember, always keep a copy of your amended tax return and any correspondence with HMRC regarding the amendment. This can be helpful if there are any discrepancies or issues in the future.
Can I amend a tax return from more than a year ago?
If you’ve made an error on your Self-Assessment tax return that you’ve only just noticed and it’s been more than a year since the original submission deadline, you might be wondering whether you can still make amendments.
The standard rule for making amendments to your Self-Assessment tax return is that you have until 12 months from the original deadline to make changes. This means that, typically, you won’t be able to amend a tax return from more than a year ago.
However, there are exceptions. If you were unable to amend your return within the standard timeframe due to special circumstances, you can write to HM Revenue and Customs (HMRC) to explain your situation. HMRC will then decide on a case-by-case basis whether to allow the amendment.
When writing to HMRC, make sure to provide as much detail as possible about why you missed the original amendment deadline. Also, include details about the mistake on your tax return and how you propose to correct it.
It’s important to note that even if HMRC allows the amendment, you may still face penalties if the mistake resulted in you underpaying tax. The size of the penalty will depend on whether HMRC believes the mistake was careless or deliberate.
Remember, it’s always best to amend your tax return as soon as you discover a mistake. This helps avoid potential penalties and ensures your tax affairs are in order.
How many times can I amend my Self-Assessment tax return?
Amending your tax return should not be a frequent occurrence, as it’s vital to get it right the first time. However, if you do need to make changes, you might wonder how many times you can amend your Self-Assessment tax return.
There is no set limit to the number of times you can amend your Self-Assessment tax return within the standard 12-month amendment window. If you discover errors or omissions after submitting an amendment, you can make further changes.
However, frequent amendments may draw the attention of HM Revenue and Customs (HMRC), and they may decide to investigate your tax affairs more closely. Therefore, it’s important to review your tax return thoroughly before submitting it to avoid the need for multiple amendments.
Remember, the amendment window starts from the original tax return deadline, not from when you last amended the return. So, even if you’ve made multiple amendments, they all need to be done within 12 months of the original submission deadline.
If you discover an error after the amendment window has closed, you can’t amend your return as usual. Instead, you’ll need to write to HMRC to explain the situation.
While there is no limit to the number of amendments you can make, it’s crucial to ensure your tax return is as accurate as possible from the outset to avoid the need for amendments.
What happens after I’ve amended my tax return?
Once you’ve submitted your amended tax return, the next step is to wait for HM Revenue and Customs (HMRC) to process it. HMRC will review the changes and decide whether to accept the amendment.
Sometimes, HMRC might have questions about your amended tax return. If this happens, they’ll contact you to request more information or evidence to support the changes.
HMRC may also decide to carry out a more thorough investigation, especially if you’ve made multiple amendments or if the amendments have significantly changed your tax liability.
After you’ve amended your tax return, you should keep an eye on your correspondence with HMRC and be ready to provide further information if needed.
Do I need to provide any evidence when amending my Self-Assessment tax return?
When you amend your Self-Assessment tax return, you’re not usually required to provide any evidence at the time of submission. The amendment process typically involves simply making the necessary changes to your tax return and resubmitting it to HM Revenue and Customs (HMRC).
However, while evidence is not required at the point of amendment, HMRC can ask you to provide supporting documents or further information to justify the changes you’ve made. This can occur during their review of your amended tax return or as part of a later enquiry.
The types of evidence that HMRC might ask for will depend on what changes you’ve made to your tax return. This could include invoices, receipts, bank statements, or other documents that support the figures you’ve provided.
It’s crucial to keep accurate records of all your income and expenses, as well as any other information relevant to your tax return. These records should be kept for at least five years after the submission deadline of the relevant tax year, as HMRC can ask to see them during this period.
Therefore, even though evidence isn’t required when submitting an amended tax return, it’s important to have it readily available in case HMRC asks for it.
Penalties for making a mistake on my tax return?
Mistakes on your Self-Assessment tax return can lead to penalties from HM Revenue and Customs (HMRC). The size of the penalty can vary depending on whether HMRC believes the mistake was careless, deliberate, or concealed.
Here’s a general outline of the potential penalties:
| Type of Mistake | Penalty |
|---|---|
| Careless mistake | 0% – 30% of extra tax due |
| Deliberate mistake | 20% – 70% of extra tax due |
| Deliberate and concealed mistake | 30% – 100% of extra tax due |
In addition to these penalties, if the mistake resulted in you underpaying tax, you’ll also need to pay the underpaid tax, plus interest.
The good news is that if you discover a mistake and amend your tax return before HMRC finds it, the potential penalties can be reduced. The amount of reduction depends on how much help you give HMRC in correcting the mistake.
Remember, the best way to avoid penalties is to take care when filling out your tax return, ensure the information you provide is accurate, and keep good records of all your income and expenses.
How will I know if my amendment is accepted?
After you’ve submitted your amended Self-Assessment tax return, you’ll want to know whether it’s been accepted by HM Revenue and Customs (HMRC).
HMRC will typically send you a confirmation once they’ve received your amended tax return. However, receiving a confirmation doesn’t mean your amendment has been accepted. HMRC will still need to review the amendment.
During their review, HMRC may contact you if they have any questions or need more information. They may ask you to provide supporting documents or further explanation for the changes you’ve made.
Once HMRC has reviewed your amended tax return, they will inform you of their decision. If they accept the amendment, they’ll send you a new tax calculation showing the updated amount of tax you owe or are due to be refunded.
Keep an eye on your correspondence with HMRC, and make sure to respond promptly to any requests for additional information.
Can I amend my tax return online?
Yes, you can amend your Self-Assessment tax return online if you originally submitted it online. The process is straightforward and can be done through the HM Revenue and Customs (HMRC) website.
You’ll need to log in to your HMRC online account and navigate to the tax return that needs to be corrected. Once there, you can select the option to ‘Amend’ the return.
Go through your tax return, making changes wherever necessary. Be careful to only make amendments where the corrections are needed.
After you’ve made your changes, review the amended tax return carefully before submitting it. Make sure all the information is accurate and reflects the changes you intended to make.
Finally, after submitting the amended tax return, it’s a good practice to take a printout or save a digital copy of the return for your records.
Help to amend Self Assessment tax return?
Getting help to amend your Self-Assessment tax return is a good idea if you’re unsure about any aspect of the process. There are several sources of assistance you can turn to.
Professional tax advisors or accountants can provide expert help. They are well-versed in tax laws and regulations, and can ensure your amendment is done correctly. This option might come with a cost, but it can save you time, stress, and potentially even money in the long run.
HM Revenue and Customs (HMRC) also provide guidance on their website on how to amend your tax return. The website is detailed and covers various scenarios, but it can be somewhat technical.
Tax charities such as TaxAid and the Low Incomes Tax Reform Group offer free tax advice to individuals on low incomes. They can provide information and guidance on how to amend your tax return.
Software providers often include features that help you amend self assessment tax return. If you used software to file your original tax return, check to see if it includes features for amendments.
Finally, online forums and discussion groups can be useful sources of information. Other people might have had similar questions or experiences on how to amend self assessment tax return, and their insights could help you.
Remember, while getting help can make the process easier, it’s still your responsibility to ensure the information on your tax return is accurate. Make sure you understand any changes made on your behalf and ask questions if you’re unsure.