Tax Rebates & Refunds

How to correct tax return mistakes

November 21, 2012
Posted in Income Tax, Tax Rebates — Written by Geoffrey

Completing a tax return can be a complicated business, which is why it’s completely understandable if you make a mistake or two. You should be as accurate and meticulous as you can in providing HM Revenue & Customs (HMRC) with details of income, earnings and outgoings, but there is also a procedure in place if you make a mistake and need to correct it.

Report the mistake within 12 months

You will usually have 12 months, from the end of January after the end of the tax year, to correct any mistakes you make on your tax return. Any corrections you make will be called amendments, and they must be made within the 12 month period unless you received your tax return late.

Getting a tax rebate or paying more tax

An amendment to your tax return may result in HMRC asking you to pay more tax, or sending you a tax rebate for extra tax you’ve paid unnecessarily.

If you owe money, HMRC will let you know how much extra tax you need to pay, along with how and when you need to pay it.

If you are owed a tax refund and it’s less than £10, or a tax payment is due really soon, you can ask to have it deducted from your Self-Assessment Statement. If your tax rebate is larger or you’d simply prefer it, you can have it paid by cheque or into your bank.

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