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Where Taxpayers and Advisers Meet

Can I resubmit an old tax return, and how?

dominoman
Posts:60
Joined:Fri Jan 15, 2016 6:41 pm
Can I resubmit an old tax return, and how?

Postby dominoman » Tue Dec 29, 2020 10:49 am

I recently realised that I made a significant number of EIS investments in 2016 that I never claimed for, due to my poor admin and forgetfullness that year. The effect would have been to reduce my tax liability to zero.

Is it too late to amend a 2016-17 tax return now? And if not, how do I do it? I filed online at the time but there is no option to amend. Should I just write a letter and explain?

Thanks

ETaxConsulting
Posts:18
Joined:Sun Nov 29, 2020 3:25 pm
Contact:

Re: Can I resubmit an old tax return, and how?

Postby ETaxConsulting » Tue Dec 29, 2020 5:39 pm

If you can't refile using HMRC online services I would suggest using third party commercial software to refile your return. This would be simpler and more efficient as you would receive your tax refund quicker compared to writing to HMRC.

Tim
Tax Manager
E-Tax consulting
www.e-taxconsulting.com

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Can I resubmit an old tax return, and how?

Postby maths » Thu Dec 31, 2020 5:54 pm

Claims for EIS relief may be lodged up to 5 years from the 31 January following the tax year in which the shares were issued.

Based on shares issued in 2016/17 you have up to 31 January 2023 to claim. Tax Return not involved.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Can I resubmit an old tax return, and how?

Postby bd6759 » Thu Dec 31, 2020 6:16 pm

You cannot amend a tax return after the deadline - in this case 31 Jan 2019. That is a legislative issue, and has nothing to do with software.

The EIS3 contains a claim form that should be sent to HMRC. You must do this before 5 April 2021.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Can I resubmit an old tax return, and how?

Postby maths » Thu Dec 31, 2020 8:30 pm

Bd
Why is deadline 5.4.21?


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