Forgotten tax relief – is it too late to make a claim?
HMRC is a stickler for rules and regulations especially those relating to the timing of claims for tax deductible reliefs and expenses.
Except where the tax legislation states otherwise, the general rule is
- An individual (or company) can usually amend a Tax Return (or Corporation Tax Return) within one year from the filing deadline to claim tax relief previously overlooked, or to increase a claim made previously.
- You have four years from the end of the tax year (or accounting period, for a company) to which the relief applies in which to make a claim for ‘overpayment relief’.
HMRC insist on your claim being made in writing and it must contain certain information, otherwise it will not be accepted.
Don’t leave making an ‘overpayment relief claim’ until nearing the end of the four-year deadline.
If you think you may have paid too much tax in an earlier tax year or not claimed certain tax reliefs to which you think you are entitled, call us on 01223 810100.