HMRC have published a briefing note explaining the newly introduced Overpayment Relief; which replaced Error or Mistake Relief from 1st April 2010.
Overpayment Relief applies to errors and mistakes made by taxpayers in their Tax Returns for income tax, capital gains tax and corporation tax. Claims for Overpayment Relief must be made within four years of the end of the Income Tax year or Corporation Tax accounting period to which the claim relates. Different (transitional) time limits apply for mistakes in individuals’ Self Assessment Tax Returns for 2004/05 or 2005/06 filed within 12 months of the end of the relevant tax year. The time limits are then 31 January 2011 and 31 January 2012 respectively.
I’ve made an error in a Tax Return and want to claim tax back: can I?
If your Overpayment Relief claim is straightforward you should have little problem getting your tax back. However, many tax officers seem to feel they have to refuse every possible claim; sometimes on the most tenuous grounds. It can take resilience, determination and skill to succeed. If you feel daunted by the tax rules and think a tax officer is treating you unfairly then it may be down to his ignorance, lack of training or simple misunderstanding of very complicated rules. Experienced tax advisers like Lynam Tax experts can help the tax inspector understand the law. Frequently this will help your claim succeed and get your tax back.
If you’re subject to a worrying Tax Enquiry or Inspection or you think you have over-declared your income or gains and need to make an Overpayment Claim: you can discuss this with one of our sympathetic, experienced experts.
For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997