My tax return is wrong, what
should I do?
If you’re concerned that you may have made a mistake on your tax return, don’t panic. There are a few things that you can do to protect yourself from receiving a nasty penalty. Take a look below for GoSimpleTax’s advice:
Amend it Immediately
If you’ve noticed a mistake in your most recent tax return, you have up to twelve months to fix it. Your self assessment should be amended using the same platform through which it was submitted – for example, if you sent it online, the amendment should be made online, and if you did so via the post, your changes should be made by sending hard copies of the corrected pages (each marked “amendment” and labelled with your name and UTR number) to Self Assessment, HM Revenue and Customs, BX9 1AS, United Kingdom.
Write to HMRC
Should the aforementioned twelve months’ leeway have lapsed before you noticed the mistake, you can still contact HMRC to make changes up to four years after the relevant tax year. The letter you send should indicate the year of the tax return you’re amending, the reason for your over or underpayment and the amount thereof.
If you think you’ve overpaid, you also need to explain that you’re claiming for “overpayment relief”, provide proof that a tax payment was made for the relevant period and that you’ve not already tried to claim the amount back, express how you want to be repaid and complete a signed declaration confirming that the details you’ve given are correct and complete to the best of your knowledge.
What To Do Next
You should receive an amended bill within the next three days. If you owe anything extra, you should arrange to pay this immediately.
For future tax returns, consider utilising the GoSimpleTax app or its online tools. This software automatically alerts you of any potential miscalculation or mistake within your tax return, preventing the need for any potential future amendments and protecting you from any resulting fines.
Need help preparing your tax return?
By downloading GoSimpleTax for iOS or Android, you can save yourself hours of valuable time and prevent the stress of completing your annual tax return.
How GoSimpleTax Works
Simply register for free with your full name and email address.
Select the income you receive and follow the hints and tips for potential tax savings.
Validate your personal information when you’re happy with the figures and submit directly to HMRC to get confirmation of your submission in just a few seconds.
Who Is GoSimpleTax for?
With GoSimpleTax by your side, your tax duties as a sole trader are made easier than ever before.
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