Resubmit tax return.

LMS123

I submitted my 22/23 self assessment on line. I am a sole trader and only claimed £1000 trading allowance and had a horrendous tax bill to pay by January 24 which included POA , the second of which is due this July. 
I now realise I could have claimed many expenses against tax which would have reduced my bill considerably. 
I have, belatedly, now been to an accountant with my 23/24 books and explained that I had messed up the previous year. I've left everything with him to sort out but will he be able to resubmit the mess that I had filed online and consequent tax overpayment?
I should have asked him to clarify but, not understanding the complications, I left with my head spinning whilst kicking myself for not seeing an accountant in the first place last year.

Danthenoble

I believe you can only resubmit it if you are within 12 months of the deadline but that is from the self-assessment aspect where you are inputting the information yourself. Perhaps your accountant knows a workaround. Did you give the accountant all of the data, for 22/23 so they can easily see what the figures should be? If so, why not send a quick email and just ask if they can re-do 22/23 for you? 

I would advise though that you prepare for a "no" and put it down to experience as I doubt they can do anything, but they can probably save you a lot this year! 

Good luck!

[Deleted User]

Danthenoble said:

I believe you can only resubmit it if you are within 12 months of the deadline but that is from the self-assessment aspect where you are inputting the information yourself. Perhaps your accountant knows a workaround. Did you give the accountant all of the data, for 22/23 so they can easily see what the figures should be? If so, why not send a quick email and just ask if they can re-do 22/23 for you? 

I would advise though that you prepare for a "no" and put it down to experience as I doubt they can do anything, but they can probably save you a lot this year! 

Good luck!

Not sure where that information is coming from as you have until 31st January 2025 to amend the 2022/23 return. 

The only potential concern will be the increased likelihood of HMRC queries if the amendment is significant. 

https://www.gov.uk/self-assessment-tax-returns/corrections

LMS123

Thanks Dan. That's the impression I got.....that the 12 month SA deadline has been missed. Yes, I gave him all the data from 22/23 but don't understand why he asked for it if there's nothing he can do now.
 I've read something online about 4 years resubmitting but that may not be applicable with SA  even if those figures are now audited properly. Like you say, I'm hoping that he can find a way round it but at least the money I've paid on account should be reduced considerably and I may get some back.
It seems HMRC can go back a number of years to extract tax from you but it doesn't seem to work the other way round with SA when you've made a genuine error.
"Lessons learned" seems to be the mantra now, and an expensive one at that. Fingers crossed he can sort it.

Dazed_and_C0nfused

LMS123 said:

Thanks Dan. That's the impression I got.....that the 12 month SA deadline has been missed. Yes, I gave him all the data from 22/23 but don't understand why he asked for it if there's nothing he can do now.
 I've read something online about 4 years resubmitting but that may not be applicable with SA  even if those figures are now audited properly. Like you say, I'm hoping that he can find a way round it but at least the money I've paid on account should be reduced considerably and I may get some back.
It seems HMRC can go back a number of years to extract tax from you but it doesn't seem to work the other way round with SA when you've made a genuine error.
"Lessons learned" seems to be the mantra now, and an expensive one at that. Fingers crossed he can sort it.

You are so wrong it's probably very wise to have decided to employ a professional.

The deadline to amend a 2022-23 return (where you filed it on time) is 31 January 2025, one year after the normal filing deadline for 2022-23.

This is near the start of the gov.uk guidance which pops up when you Google amending a tax return.

https://www.gov.uk/self-assessment-tax-returns/corrections

Did you make it clear the accountant that you 10000% wanted to remove the claim for the Trading Allowance 🙏

LMS123

Hi all and thanks for replies.
I'm so confused now, having looked at the hmrc link . The accountant seems really on the ball (unlike me!). I've left 22/23 and 23/24 figures with him and he said he'll get back to me within a fortnight. Fingers crossed he can amend it If not, then it's my loss and HMRC's gain.
As for an HMRC investigation, I know how stressful they can be and I had thought of that but I'm not trying to avoid/evade tax, unlike some.  I just don't want to be overtaxed because of my ignorance of the tax system. All I can do is trust an accountant as I clearly can't do this myself.

[Deleted User]

LMS123 said:

Hi all and thanks for replies.
I'm so confused now, having looked at the hmrc link . The accountant seems really on the ball (unlike me!). I've left 22/23 and 23/24 figures with him and he said he'll get back to me within a fortnight. Fingers crossed he can amend it If not, then it's my loss and HMRC's gain.
As for an HMRC investigation, I know how stressful they can be and I had thought of that but I'm not trying to avoid/evade tax, unlike some.  I just don't want to be overtaxed because of my ignorance of the tax system. All I can do is trust an accountant as I clearly can't do this myself.

It’s good that you now have an accountant- I would advise you to ignore the advice from Danthenoble. 

While HMRC is more likely to look closer at an amended return that is not a given. If you have the evidence to back up the submission there isn’t much to worry about. 

Additionally there is simply no reason why you can’t amend the return - you have another seven months to do so. This has always been the case since 1997 when self-assessment first arose.

It will be sorted. 

LMS123

Thanks Ferro. Fingers crossed then

Danthenoble

Dazed_and_C0nfused said:

The deadline to amend a 2022-23 return (where you filed it on time) is 31 January 2025, one year after the normal filing deadline for 2022-23.

Well said! Gosh I got my dates muddled I was thinking Jan24 - numberwang lol. Anyway I'm sure you're account will sort it all for you. Good luck!  

Hoenir

LMS123 said:

As for an HMRC investigation, I know how stressful they can be and I had thought of that but I'm not trying to avoid/evade tax, unlike some.  I just don't want to be overtaxed because of my ignorance of the tax system. All I can do is trust an accountant as I clearly can't do this myself.

The fact that the revised figures will be submitted by a credible source should negate any concerns regarding the HMRC. You won't be the last person to make a hash of their accounts! 

LMS123

Thank you everyone.  It'll be interesting to see what happens.