Claiming expenses from previous years

[Anthony Shepard]

Hello.

If I had an expense in my 16/17 tax return but I genuinely forgot to include it, am I officially allowed to include it in my 17/18 tax return? Or am I officially supposed to amend my previous tax return?

I am guessing most people will just include it in the next year but is there any official guidence on this?

 

[Scalloway]

Profits for tax purposes should be calculated according to generally accepted accounting practice, which means that expenditure should be included in the year it is incurred. You can wade through this to find HMRC's official guidance.

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim30000

 

[Keith Ahmed]

Hi Anthony,
Just to clarify, do you mean your SA100 or your CT600? as both are treat very differently.
Thanks
Keith

 

[Anthony Shepard]

I was referring to the SA100 but how are they treated differently?

 

[RCW20025]

CT600 is a corporation tax return for a limited company
SA100 is an indivdual's self assessment tax return

It really depends on the amounts involved however it is unlikely to be an issue including in the current year. You have in essence overpaid HMRC in the prior year thus no penalties would be due even if you amended the prior year, therefore path of least resistance would be to just put through this year.

 

[MyAccountantOnline]

Hello.

If I had an expense in my 16/17 tax return but I genuinely forgot to include it, am I officially allowed to include it in my 17/18 tax return? Or am I officially supposed to amend my previous tax return?

I am guessing most people will just include it in the next year but is there any official guidence on this?

What was the expense?