Tax return blues - would a bit of solidarity help?

[mx wcfc]

Oh. I think I have blown it then.

If I do get around to making that change on last years records, will I still have to pay the £100 fine do you know? (There is no way I can get through to an adviser on line or on the phone at the moment). It's an over payment not an underpayment. So I didn't miss paying my tax in full.

I'm pretty sure you don't get fined for making an amendment to a tax return that was filed on time, where you have overpaid.

 

[ATOMIC SUPLEX]

I'm pretty sure you don't get fined for making an amendment to a tax return that was filed on time, where you have overpaid.

Ok. I may just do that tomorrow then.
I still feel a bit nervous about it.

 

[prunus]

Oh. I think I have blown it then.

If I do get around to making that change on last years records, will I still have to pay the £100 fine do you know? (There is no way I can get through to an adviser on line or on the phone at the moment). It's an over payment not an underpayment. So I didn't miss paying my tax in full.

I’ve not been fined for post submission amendments, and I’ve had to do a few over the years. If the recalculated tax was higher I’ve had to pay interest on the extra from Jan 31st to the date I paid it, but that’s all. When the recalculated tax was lower they just recredited the amount.

None of the amendments were material, a few hundred pounds either way; it might be different if it’s a major change, especially if if it’s a change that means you should have paid much more tax. But I don’t know.

 

[ATOMIC SUPLEX]

I’ve not been fined for post submission amendments, and I’ve had to do a few over the years. If the recalculated tax was higher I’ve had to pay interest on the extra from Jan 31st to the date I paid it, but that’s all. When the recalculated tax was lower they just recredited the amount.

None of the amendments were material, a few hundred pounds either way; it might be different if it’s a major change, especially if if it’s a change that means you should have paid much more tax. But I don’t know.

Yeah I did one once where I didn't add about £6000 of work because the BBC had put the American style of date on the invoice and I though it was for the next tax year (until I did my taxes the next year and looked at the invoice that I had added to the wrong folder).
I had to pay £100 fine and the interest.

I'll do the tax recalculation tomorrow. Essentially my expenses were only £120 so I should have gone for the lump sum of £1000 pounds instead of bothering with expenses. I guess that means I could have saved £200 tax on the lump sum instead of £22 in expenses.

 

[ATOMIC SUPLEX]

A big thank you to this thread. I just always thought that first £1000 was always automatic. OK so I only caught it this year and amended last years, but that re-submission has saved me a good few hundred quid, which is going to be very useful as work has dropped off a cliff these last two years.