Can I amend my Income Tax Return

I rushed the submission of my tax return in January, and realised that I missed off the tax return the interest I received from my bank accounts and dividends received from some investments during the 2007/08 tax year. Can I revise my tax return and will I incur any fines for doing this?

1st March 2009

Just as the Revenue has the right to repair an obvious error or mistake on a return the taxpayer has the right to amend it, within 12 months of the filing date for the tax return, which in the majority of cases is the following 31 January. The amendment to your tax return may be in the form of a letter detailing the omissions, an amended return, an extra supplementary page that shows the relevant source of income, or an amended supplementary page of one originally submitted with the return. If you used the HMRC online system to file, you can amend the 2007/08 tax returns on there as well!

The Revenue will normally accept an amendment to a return or self assessment under Section 9(4)(b) of the Taxes Management Act, whether it is notified by the taxpayer or by their agent. However, you must ensure the amendment is supplied in writing.

No penalties for late filing will be applicable, but you need to be aware that if the amendment results in additional tax to pay you will be charged interest from the due date of payment, which in your case was 31 January 2009, and may be liable to a 5% surcharge if this is not paid by the end of February 2009.

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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