HMRC allows taxpayers to amend Self Assessment returns up to 12 months after the original filing deadline. For example, an error on a 2023/24 return submitted by 31 January 2025 can be corrected until 31 January 2026. Common errors include incorrect figures, missed income, or undeclared supplementary income pages. Online amendments are usually processed within 72 hours. For changes after the 12-month window, a written request to HMRC is necessary.
Genuine mistakes made with reasonable care typically do not incur penalties. However, deliberate errors can lead to investigations and increased tax bills. Missing the filing deadline, usually 31 January for online submissions, triggers an automatic £100 penalty. This fine escalates significantly after three, six, and twelve months of non-compliance.
Appeals against late-filing penalties are possible with valid reasons, such as serious illness or significant technical issues, and usually require submission within 30 days of the penalty notice. Filing the return promptly, even with estimated figures if exact data is unavailable, can help limit further penalties. These estimates must be clearly marked and later updated with accurate figures.
The advice from Mike Parkes, technical director at GoSimpleTax, highlights that tax administration is often a challenge for busy salon owners. While correction windows exist, understanding the specific rules and acting swiftly is key. The article points to the availability of filing apps as a way to simplify future submissions and reduce the likelihood of errors, suggesting a proactive approach to tax management.
