Understanding the Need to Amend Your Tax Return After Submission
Filing your tax return can sometimes be a daunting task, with the potential for errors to creep in. The HM Revenue and Customs (HMRC) understands this and allows taxpayers to amend their tax return even after submission. This blog post will guide you on how to amend your tax return after submission and ensure you are compliant with UK tax laws.
When Should You Amend Your Tax Return?
The need to amend your tax return may arise due to several reasons:
- You may have made errors in your initial submission
- You may have omitted critical income or expenditure details
- You may have realised that you claimed a smaller deduction than you were entitled to
- You may have discovered incorrect calculation or interpretation of tax laws
Regardless of the reasons, amending your tax return ensures you are following the law and avoiding any potential penalties.
Time Frame for Amending Your Tax Return
HMRC gives taxpayers a 12-month window from the tax return deadline to make amendments. According to HMRC’s official guidelines, for the tax year ending on 5th April 2025, you have until 31st January 2026 to amend your tax return.
What if You Miss the Deadline?
If you discover an error after the 12-month amendment period, you can still inform HMRC under the ‘Overpayment Relief’ provision. However, this only applies if you overpaid tax, not if you owe extra tax. You can claim Overpayment Relief for up to 4 years after the end of the relevant tax year.
Steps to Amend Your Tax Return
Amending your tax return is a straightforward process:
1. Log into Your HMRC Online Account
To amend your tax return, you need to log into your HMRC online account.
2. Find the Tax Return You Need to Amend
Once you are logged in, go to the ‘Self-Assessment’ section. Find the tax year for the return you need to amend and click on the ‘Amend’ option.
3. Make the Necessary Changes
You can now make the changes to your tax return. It’s important to review all sections of your return, not just the areas where you know there were mistakes.
4. Review and Submit
Once you’ve made your changes, review your amended return carefully. Check all calculations and ensure all necessary sections are completed. When you’re satisfied everything is correct, submit your amended return.
What Happens After You Amend Your Tax Return?
After you submit your amended return, HMRC will review it. They may accept your changes, ask for more information, or decide to carry out a tax investigation. If you owe more tax, you will have to pay the difference plus interest. If you’ve paid too much tax, HMRC will refund the overpaid amount.
Conclusion
Amending your tax return after submission can seem daunting, but it is a vital process to ensure you’re paying the correct amount of tax. The UK tax system is designed to be fair and equitable, and by ensuring your tax return is accurate, you’re playing your part in maintaining this balance.
