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Where Taxpayers and Advisers Meet

Adjusting past Tax Return for small amounts

SH88
Posts:11
Joined:Tue Apr 03, 2018 9:40 am
Adjusting past Tax Return for small amounts

Postby SH88 » Fri Feb 05, 2021 3:05 pm

Good morning.

To cut a long story short, I have been doing my own self-assessments for the past 3 years, but have now hired an accountant going forward.

One of my smaller revenue streams is from monthly pledges from supporters of online content.
To date, I've never withdrawn these earnings from the online dashboard, and as a result were missed from past tax returns.
(In hindsight was a dumb oversight, but don't worry it will all be withdrawn and included in this years tax return (the current balance exceeds £2000)).

Anyway, I missed these earnings off my 2018-2019 and 2019-2020 tax returns, totalling around £50 and £100 respectively.

When I asked my accountant if I should write to HMRC to adjust these past Tax Returns accordingly, I was advised to not worry about it, given such a small amount.

My question is, is that correct? Can these tiny amounts be left?

Thank you in advance for your help.

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

Re: Adjusting past Tax Return for small amounts

Postby bd6759 » Fri Feb 05, 2021 8:17 pm

Tax on £50 = £10

Tax on £100 = £20

No-one is going to care.


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