I’m engaged in preparing the 2022/23 Tax Return for a new client. It’s transpired that his previous accountant “used estimates” on the 2021/22 Return for interest received and dividend income from various shareholdings.
Though my client is a higher rate taxpayer, substituting the correct interest and dividends received in 2021/22 makes no difference whatever to the income tax liability.
On these bare facts alone, Is it necessary, advisable, or not necessary at all to submit a revised 2021/22 Return? It’s no big deal to submit a revised 2021/22 Return – I’m more interested in the legal obligation, even if the errors are minor (and of course don’t alter the tax liability).