Is it possible that I’ve made a tax blunder? What options do I have?
We all make errors. After all, we’re just human. But what do you do if you discover an error in a tax return you’ve already filed with HMRC?
The most important thing to note is that once you realize your error, you are responsible for informing HMRC. If HMRC examines your tax and finds a mistake, they can levy a penalty. For intentionally hidden mistakes, the harshest punishments are imposed.
So, if you find a mistake, do the right thing and admit it. And if it costs a little more upfront, it might save you a lot of money in the long run. HMRC is far more understanding of errors that you highlight or correct yourself than they are of errors that they discover!
Self-Assessment
If the problem is with your most recent self-assessment return, your cheap tax return accountants in London can simply resubmit the return. The resubmission deadline is one year after the filing deadline.
You can resubmit your tax return using the same method you used the first time, whether it was through your HMRC online account, tax software, or a paper form.
If you claim an overpayment tax refund, further details are necessary. You have four years from the end of the fiscal year to file a claim for any overpayments.
Tax on the business
Fixed mistakes on your corporate tax return are similar to the self-assessment return being corrected. You must again submit and correct any mistakes twelve months after the return filing deadline. It depends on the end date of your business year.
VAT (Value Added Tax)
The VAT return, unlike the self-assessment or corporate tax returns, cannot be refiled. If you find a mistake after you’ve filed your return, you’ll have to wait until the next quarter to fix it.
The majority of errors are simple to fix. If the mistake was intentional, occurred more than four years ago, or exceeded the threshold, you must disclose it. You may submit a letter to the VAT Error Correction Team or use form VAT652.
In conclusion,
Remember that everybody makes mistakes from time to time; please don’t keep them to yourself. When you realize that you have made a mistake in filing a tax return, write a letter to HMRC if an extension isn’t feasible or if you have any doubts.
