Correcting tax return of the last year

[Mila]

Dear All,

Could someone help, please?

In my last year's accounts (2003-2004), and tax return, a mistake was made and £3000 that I paid myself was put as an expense under salaries. This should have been put under profits as I am self-employed and I am not on PAYE. My income comes from the profits only. Therefore, the tax return showed that I had £3000 less in income.

I need to correct this; is it necessary to tell the IR that an amendment needs to be made on last year's tax return or will they accept the £3000 to be carried forward to the 2004-2005 accounts?

Thank you very much for your time!

I look forward to hearing form you.

Yours faithfully

Nada

[CDavey9501@aol.com]

An amendment needs to be made on last year's tax return

[deanshepherd]

Hi Nada

You will need to amend your 2003/04 tax return.



Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk

[Mila]

Thank you for your advice.