BTL, receipt from 2014/15 tax year?

[98elise]

Just sorting out my BTL accounts for 2015/16 and I've found a repair receipt from 2014/15 that was not entered in the accounts. Can I account for this in my 2015/16 return or must it be accounted for in the financial year the money was spent.

Its only a couple of hundred pounds, but It does mean I've over paid tax. If it was the other way around the tax man would want me to correct the mistake

[Welshbeef]

I think you can resubmit previous years - never done it personally but worth asking EricM resident personal tax accountant.

[Eric Mc]

Strictly speaking you have submitted an incorrect 2014/15 tax return and you should, in theory, resubmit it with the correct level of rental costs included.

HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.

[98elise]

Eric Mc said:

Strictly speaking you have submitted an incorrect 2014/15 tax return and you should, in theory, resubmit it with the correct level of rental costs included.

HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.

Thanks, that was my first thought and the net result will be the same.