previous return amendments

previous return amendments

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A new client looks like previous property rental mortgage interest amounts claimed have been incorrect i.e. original mortgage amount (59%) rather than original purchase price. As client remortgaged up to 100% quickly afterwards then extra needs to be claimed. Totals £183 per year for 2009/10 - 2011/12, no point going further back as was in loss and brought forward losses into first year of profit would still be less than the PA.

Question, this can be claimed by letter and looks a good claim? Xmas brain jelly kicking in!

Replies (14)

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By carnmores
26th Dec 2013 15:33

sounds non cost beneficial

Alter last year and any losses b/f

 

 

 

 

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By MDK45
27th Dec 2013 16:05

There were no losses cfwd in the last year, it was prior to that.

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By MDK45
02nd Jan 2014 16:16

Politely bumping up!

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By carnmores
02nd Jan 2014 16:35

same comment

for a BRT 20% 183 =£36 are your fees less and are you sure the extra taken out is allowable

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By MDK45
02nd Jan 2014 18:03

£183 is the tax not the gross

£183 is the tax not the gross and you're right, not worthwhile but more of a friend than a client I guess, pain I know!

Mortgage interest can be claimed up to the original purchase price regardless what remortgaging cash used for.

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By carnmores
02nd Jan 2014 20:33

leaving aside overpayment relief

i would stick it in an amended return for 2011 12 , shouldnt really but its a fair deduction late or not

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Replying to atleastisoundknowledgable...:
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By MDK45
03rd Jan 2014 17:15

How and where would you amend it?

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By MDK45
03rd Jan 2014 16:56

HMRC website saying i need to write to them outlining reasons for claim, amounts etc.....

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By Julian Stafford
03rd Jan 2014 18:02

Mortgage interest claim

You have until 31 January 2014 to amend the 2011-12 tax return.

The two previous years would have to be claimed using the special relief provisions in Schedule 1AB Taxes Management Act 1970.

Both can be done by letter.

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Replying to possep:
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By MDK45
14th Jan 2014 11:51

' You have until 31 January 2014 to amend the 2011-12 tax return.' - Is this option voided once the 2012-13 return has been filed? I can't see an option on the HMRC website to amend the 2011-12 return, only the more recently submitted 2012-13?

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By Julian Stafford
14th Jan 2014 12:04

2012 amendments

the option to amend is not affected by submission of the later year. If it can't be done via the website a letter to HMRC will suffice. Keep proof of posting and send it recorded delivery.

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Replying to marks:
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By MDK45
14th Jan 2014 12:22

I was wondering whether I am just overlooking the option to do so on the website? It's allowing amendment of 2012/13 but not 2011/12. It would be easier to amend one year online and only write to HMRC for the previous two before that.

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By Julian Stafford
15th Jan 2014 12:43

website amendments

Hmmm. Not sure.

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Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
15th Jan 2014 12:48

If you have to write a letter, may as well put all of it in there, if you can't amend online on their website. 3rd party software allows amended returns to be filed no problem, as long as they aren't out of time.

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