2010-11 tax return is incorrect

2010-11 tax return is incorrect

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Client completed his own 2010-11 tax return on which he declared 100% of the rental profit and he paid higher rate tax. This was incorrect as the rental property is held jointly with his wife who does not work. With the impending 5 April 2015 deadline I am confused as to whether the correction should be done via submission of an amended tax return or an overpayment relief claim? Wife did not declare the income but profit would be below her personal allowance.

The reason for the confusion is we had a 2010-11 tax enquiry recently where the now client had declared his PAYE income correctly. During the enquiry it transpired that he had forgot to claim loan interest as an expense against his rental income. In this case HMRC would not allow the rental amendment to be done via the enquiry process and they insisted an overpayment relief claim had to be submitted separately.

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By K81
31st Mar 2015 09:20

too late to amend


...you would need to make an overpayment relief claim. Make sure that your client signs the claim or it will come back to you.

 

 

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By ver1tate
10th Jun 2015 21:01

Rental tax enquiry

I am in the midst of one of those. Care to give the name or initials of the person making the enquiry as they seem over zealous

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