Can I Amend My Tax Return After Submission?

In short, yes, but there are important details and procedures you need to be familiar with before amending it. This guide provides all the answers to amend tax returns in the UK.

Before discussing how-to steps, we must define what makes an amended tax return necessary and why one might be required.

What is a Tax Return Amendment?

A tax return amendment refers to any correction or update made to an already submitted tax return by HM Revenue and Customs (HMRC).

Common Reasons To Amend Tax Return

There may be various reasons to amend your tax return:

• Found an error in your calculations
• Omitted some income or expenses
• Received new information after filing (e.g., P60 or dividend statement)

Now that we understand why amending our tax return could be necessary let's discuss how to amend it.

Steps to Amend Self-assessment Tax Return

In the UK, you must wait 12 months from your filing deadline to amend your tax return and make any necessary amendments. For example, if your tax return was due on 31 January 2024 for the 2022/2023 tax year, you have until 31 January 2025 to make changes, either online or by post.

Amending Your Tax Return with Taxd

The easiest way to amend your tax return is through Taxd, an online tax software. When you file the tax return using Taxd, it will simplify the process of making changes in the future, if any. All you have to do is log in to your Taxd account, go to your tax return for the year you need to amend, and make the necessary changes. Once you're done, simply submit your amended return directly through the platform.

Online Amendments

If you filed your original return online, follow these steps:

• Sign in to your HMRC online account
• Go to your self-assessment overview
• Select the year of the return that needs modifying
• Select 'Amend return.'
• Make any necessary amendments
• Submit your amended return

Always review all pages of your return when amending it, even if you only change one section, because some changes could affect other parts of it.

Paper Amendments

In the case of paper returns, amendments need to be completed as follows.

• Download a new tax return form from HMRC for the relevant year.
• Fill it completely, not just the sections where changes need to be made.
• Mark each page "AMENDED" before sending it to the address listed on it.

Considerations When Amending Your Tax Return

Here are several key points you should keep in mind when planning to amend your tax return, particularly when filing tax returns online.

1. Penalties and Interest

If your amendment results in additional tax payments being due and payments have passed the payment deadline, penalties and interest charges could become an additional financial burden. Therefore, it's important to make any extra payments as soon as possible to minimise this situation.

2. Discovery Assessments

Be mindful that if errors or omissions go undetected and HMRC later discovers them, they can issue a "discovery assessment." This allows them to collect back taxes dating up to four years - or up to 20 in cases of deliberate non-disclosure.

3. Impact on Other Benefits or Payments

Changes to your tax return can have an impact on other aspects of your finances, including:

Repayment of student loans, tax credits, and child benefits (if your revised income takes you over the £50,000 threshold).

4. Professional Advice

If your amendment involves significant changes, it is best to take professional advice. They can ensure the amendment is correct while providing information about any possible consequences.

What If Your Amendment Window Has Already Passed?

If you discover an error after the 12-month amendment window has closed, you can contact HMRC immediately so they can investigate and report it as soon as possible.

Minor errors (usually under £50) can often be corrected over the phone with HMRC; larger ones require you to write to them and provide evidence.

HMRC will then decide whether or not they accept your correction and may initiate an inquiry into your tax affairs.

Preventing Future Amendments

While amending self-assessment tax returns can be done, it's always better to get it right the first time around. Here are some strategies for helping prevent further amendments:

• Keep accurate records throughout the year, and don't rush your amended tax return.
• Give yourself plenty of time to fill it out carefully.
• Double-check all figures before submission.
• Ensure you have all necessary documents ready before starting to file it.

Amend Self-assessment Tax Return Today

Amending your self-assessment tax return after submission is sometimes necessary. With proper procedures in place, amending is simple if done within 12 months from the filing deadline. Even after this deadline has passed, you can still contact HMRC about errors that you notice.

If you ever find yourself confused by any aspect of your tax return or amendments or need guidance, seek guidance from Taxd. Rather than making costly errors on your own, getting professional guidance early will always prove more advantageous in the end.

FAQs

1. Will amending my tax return trigger an HMRC investigation?

Not automatically. HMRC understands mistakes can happen, and amending is never something they take lightly. However, significant or repeated amendments might raise eyebrows. To protect yourself and the tax system, it's always wise to be honest when explaining changes that were necessary—be sure to keep records as to why any necessary alterations took place.

2. Am I eligible to amend my tax return more than once within any 12-month window?

Yes, each new amendment supersedes any previous ones; try gathering all information before amending to avoid repeat changes.

3. My amended tax return resulted in a refund; how soon can I expect to see this money in my bank account?

Refunds are typically processed within four weeks for online returns, while the average for paper returns is six weeks. Once processed, direct bank transfers take only 3-5 working days, while cheques arrive by post—as many as 5 working days may pass before any credit arrives in your account.