Amending a tax return

I rushed the preparation of my 2009/10 tax return in order to file it on time, but I have just realised that I missed off my rental accounts! Can I revise my tax return and will I incur any fines for doing this?

1st April 2011

If you make a mistake on your tax return, you've normally got 12 months from 31 January after the end of the tax year to correct it.

You may notify HMRC in the form of a letter to your Tax Office, detailing the omissions and which page numbers and boxes are affected. Or you may find it easier to write to them and enclose an amended return or just the particular pages that have changed.

Alternatively, if you filed your return online with HMRC, you may make any alterations online.

No penalties for late filing will be applicable, but please be aware that if the amendment results in additional tax to pay, you will be charged interest from the due date of payment. As 28 February has also now passed, you will be liable to a 5% surcharge on any unpaid tax. And a second 5% surcharge will apply from 31 July 2011 if it continues to remain outstanding at that point.

If you would like any assistance with this and liaising with HMRC, please feel free to contact your local TaxAssist Accountant.

By Jo Nockels

Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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