The 31 January 2019 deadline for filing the 2017/18 self-assessment tax refund has now gone. You filed your return on time and paid the tax you thought was due, 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
A tax return can be changed after it has been submitted, but you only have 12 months from the filing date to do so. 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.
Return correction
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 choose self-assessment from the home 'at a glance' page. 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 variety of alternatives, including the option to 'Amend 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:
Return to tax return choices; add a new section to your submitted return; modify figures already filed; delete a section from your submitted return; add/delete a section and/or amend a figure; or return to tax return options.
It is then merely a matter of picking the appropriate choice, revising the return to reflect the correct values, and filing the modified return.
Check to see if the return was filed using a commercial software product that allows for the submission of updated returns. Contact HMRC if this is not achievable.
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, download a new return, fill it out accurately, and send it to HMRC.
Pay extra taxes or get a rebate
The amount of tax you owe will also alter if you amend your tax return. 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 is reduced as a result of the modification, you can request a refund; however, you only have four years from the end of the tax year to do so.
Comentarios