Q&A: What if I have made a mistake on my Paper Tax Return while filing? Can I amend it?

/ Posted By - Bradleys Accountants / Categories - Tax Planning

31 October 2014 was the deadline for submitting your self-assessment Paper Tax return for the 2013/14 tax year. And for those of you who filed a return and are worried about any mistake made while filing, there is still a chance to correct. Yes, just as HMRC has the right to repair an obvious error or mistake on the return, a taxpayer has the right to amend it, but it needs to be within 12 months of the statutory filing date.

For instance, for the 2013/14 financial year you had until 31 October 2014 to file your paper tax return and 31 January 2015 to file online. But if you filed a paper tax return on 31 October and noticed that you have made a mistake, HMRC’s regular rule says that you have further 12 months, which takes you up to 31 January 2016 to correct any errors.

The amendment can be made via an amended tax return or a letter. Detailed guidance on how to go about it can be found on a self-assessment manual published by HMRC.

    Subscribe to our newsletter

    HMRC will accept an amendment if it is supplied in writing by the taxpayer, trustee or an authorised agent to act on trust or taxpayer’s behalf under section 9ZA TMA. HMRC may, however, take up to 9 months to amend the changes from the date that it received the notice.

    Of course, if you still have not filed your paper tax return for the year 2013/14 then you should file it online before 31 January 2015. However, you will need to register for self-assessment with HMRC to file online. Ensure that you start the process now as it can take up to 10 days for you to receive the Activation Code letter or up to 21 days if you live abroad. Also, be careful not to leave it to the last minute as trying to get hold of HMRC during peak filing season is very difficult.

    When you are ready to file your tax return take a look at our top 8 internet safety tips for taxpayers filing their 2013/14 self-assessment tax return to ensure your tax return doesn’t get in the hands of fraudsters. It’s usually advisable to hire a qualified accountant or tax advisor at this point as they will not only make sure that your tax return is correct but also help you reduce your tax bill as much as legally possible.

    Related Articles

    New tax year 2017/18 – how your…
    | Tax Planning

    The Spring Budget might have been low-key affair, but tens of tax changes will come into force in April for the … Read more

    Year-end accounts checklist for limited company directors…
    | Tax Planning

    At the end of every year, businesses in the UK must file their annual year-end accounts, also called Statutory Accounts. Bradleys … Read more

    Making Tax Digital: 11 burning questions HMRC…
    | Making Tax Digital, Tax Planning

    We are just over a year away from Making Tax Digital (MTD) becoming a reality for millions of businesses and individuals … Read more

    X

    Subscribe to the newsletter

    Know about latest accountancy updates, company news and business growth tips. Every month, in your inbox

      Subscribe to our newsletter