FinSol Tax Advisors have Accountants in Watford who are a part of the largest network of accountants and they offer various kinds of services.
Tax return: It is a form on which a taxpayer makes an annual statement of income and personal circumstances, used by the tax authorities to assess liability for tax.
There are time limits for correcting mistakes on tax returns. Tax returns can be amended within 12 months of the normal 31 January filing deadline (extended if the return is issued late). This should be done on-line for returns originally submitted on-line and on paper for returns originally submitted on paper.
After this, taxpayers may make a claim for over payment relief up to four years from the end of the relevant tax year. There are strict conditions about over payment relief and it may not be available in all circumstances. You will normally need professional advice to make an overpayment relief claim. After 4 years, the figures become final.
If HMRC raised an estimated tax demand, a ‘determination’, then you have 3 years from 31 January filing date, or 12 months from the issue of the determination, if this is later, in which to file a return and replace the estimate. After this, the only option is Special Relief. This will only apply in very exceptional circumstances.
We can help you to manage your business and their accounts easily and efficiently. If you need any Kind of information about our accountants and their services contact us today!