You filed your return on time and paid the tax you thought you owed, but now you realize you made a mistake. Is it too late to fix it, and if not, what should you do? Don't worry. Our cheap tax return accountants in London are well-versed in offering detailed as well as constructive taxation services to clients and consumers, significantly improving their tax preparation and outcomes.
Limitations on time
A tax return can be updated after it has been filed, but you will have 12 months from the filing date to do so. This means that if you filed your 2019/20 return electronically, you have until January 31, 2022 to update it. It is no longer possible to file an amended return if you discovered an error in your return for 2019/20 or a previous year. Instead, you must write to HMRC, informing them of the mistake and providing the right figures.
Returning to the original state
If you still have time to file an amended return, the procedure for doing so will depend on whether you filed your return electronically or on paper.
If you filed your return electronically, you can also make changes to it online. To do so, log into your HMRC online account and choose self-assessment from the ‘at a glance' tab on the home page. It will inform you that you have completed your self-assessment return for the 2019/20 tax year under the heading of ‘returns,' and give you a few choices.
When you choose this choice, you'll be given a list of options for amending an already-submitted return, and you'll be asked if you want to:
to your submitted return, add a new section;
change statistics that have already been submitted;
omit a portion from your completed tax return;
add/remove a segment and/or make a change to a figure;
Link to the choices for filing a tax return page.
Then it's just a matter of choosing the correct choice, amending the return to reflect the correct figures, and filing the amended return.
If you still have any query, please free to contact cheap accountants in London
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