Have You Discovered A Mistake on a Previous Tax Return File Or Intend to File Amended Tax Returns for Some Other Reason? You are just on the right page to seek your answer: should I Amend My Tax Return or not?
“To Err Is Human”, a famous saying depicts how normal it is to make mistakes as a human. We all do that and at times we don’t even realize them until they are well made. What if you suddenly realize the mistake you made in your tax returns that were filed months ago and now all you are thinking is should I amend my tax return or not?
In certain cases, the reason to amend the tax returns could possibly be a new and upgraded development that can affect the amount of your tax returns. You need to figure out first whether the new development or the mistake that you have made go in your favour or not? The next step will be filing an amended tax return.
Read More: There is a Time Limit for correcting and enquiring into tax returns for your company, contact us for instant help!
This tax guidance post will provide comprehensive tax information by covering:
- Amendments and Corrections
- Should I Amend My Tax Return
- Missed Out Deadlines
- Overpaid and Underpaid Tax
Amendments And Corrections:
In case, after filing the tax return you have realized that you have made a mistake or you have read any upgraded rules that might affect your amount of tax return. Now, all you are considering is should I amend my tax return?
Yes, there is a possibility of amendment even after you have filed for tax returns. However, a certain extent of time duration is required. The changes should be made by:
- If your tax year falls between 2019-2020, make your changes before 31st January 2022.
- If your tax year falls between 2020-2021, make your changes before 31st January 2023.
If by any chance, you are unable to follow the deadline, you need to reach out to HMRC. You will be updated with the required process, there is a possibility of paying more tax or successfully claiming the refund.
Read more about surviving HMRC investigation with our professional’s troubleshooting solutions at Accotax.
Should I Amend My Tax Returns?
After you are determined about your decision to make amendments with already filed tax returns, you need to do the following steps:
- Download a new tax return, make corrections and send it to HMRC.
- Write your amendment on every page and also add your name.
- You need to add the unique taxpayer reference as well.
- Send your self-assessment paperwork by seeking the right address.
Some people use commercial software for corrections, if it does not work, you need to approach HMRC directly.
Overpaid And Underpaid Tax:
You intend to write to HMRC either to claim overpaid or underpaid tax. Follow the steps mentioned below for you.
- Write details of the correction you are making.
- Reasons behind paying too much or too little tax.
- The exact amount that you have paid extra or little.
- How do you want it to be repaid?
- Proof of paying the tax amount
- Ensure that you have no history of trying the refunds in the past.
- An agreement is required with your signatures that must explain why should I amend my tax returns, and all other details are correct to your knowledge.
You will be able to see your upgraded bill within three days if the process of tax return online was correct.
Missed Out Deadlines:
HMRC has provided fair and clear information about the deadlines according to different years. Before you jump into the amendment process, gather information if you have still time to meet the deadlines. In case you have missed the deadlines, you need to reach out to HMRC directly by writing a letter that depicts the details of your case and reasons.
Still confused about how you should proceed for a smooth process, talk to our professionals for instant help!
Conclusion:
To sum up the discussion we can say that the process of amendments after you are done filing for tax returns is crucial and critical as well. You need to give the required explanations to satisfy the investigation by HMRC. If the affected amount is enough to invest the energies, one must go for it. It depends on the affected amount in your case that might help you to decide whether you should go for amendments or not. We hope this post helped you to decide on your case.
