Melton Messenger April 2020

43
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Local tax and accountancy
specialist Lloyd Stubbs gives
some advice on financial matters
to small businesses.
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.
Can I amend my Income Tax Return
Q: 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 2018/19 tax year.
Can I revise my tax return and will I incur
any fines for doing this?
A: 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 Revenue will normally accept an
amendment to a return or self-assessment,
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
2020, and may be liable to a 5% surcharge if
this is not paid by the agreed date.
Disclaimer – advice shared in this column is intended to inform rather
than advise and is based on legislation and practice at the time.
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 column, before receiving our written endorsement, we will accept no
responsibility for any financial loss incurred.
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