Self-employed in Burnley urged to correct tax mistakes ahead of tonight’s deadline

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With just hours to go until the deadline, tax experts are advising self-employed people in Burnley to correct any mistakes in their tax returns.

Self-assessment tax returns for the financial year 2023/2024 are due to be submitted to HMRC by midnight on 31 January 2025.

GoSimpleTax is urging self-employed people to correct errors early to minimise the risk of facing financial penalities.

Mike Parkes, technical director at GoSimpleTax explains:

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Mike Parkes, technical director at GoSimpleTaxMike Parkes, technical director at GoSimpleTax
Mike Parkes, technical director at GoSimpleTax

“Mistakes in Self Assessment tax returns are not uncommon, especially for newly self-employed people who are filling them out for the first time.

“Errors such as missed income or expenses, ticking the wrong box, or incorrectly adding up their figures can happen. The most important thing is to act quickly to fix any mistakes.

“HMRC allows you to correct errors in your tax return up to 12 months after the filing deadline. This means that those filing their 2023/2024 returns by 31st January 2025 will have a year to make amendments. You will need to wait 72 hours after filing before updating the return, but changes made online will adjust your tax bill immediately.

“Minor mistakes made in good faith are unlikely to incur a penalty, especially if you admit the mistake proactively. However, errors should never be ignored. If HMRC suspects you have deliberately falsified information within your tax return, it could launch an investigation and you could be left with a far higher tax bill plus additional penalties.

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“If the 12 month correction window has passed, you can still request changes by writing to HMRC, and if they notice any minor errors they may correct them or contact you for clarification. Errors could result in your tax bill increasing or decreasing and a refund if you have overpaid tax. You can claim overpayment relief up to four years after the end of the relevant tax year.

“Mistakes can happen to anyone, but correcting them early minimises the risk of penalties by ensuring your tax returns are accurate.”

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