A Brief Overview of Depreciation. Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
How far back can you submit returns or amended returns and still get a refund? You can go back three years from the original deadline of the tax return to get a full refund. After three years, you will not be able to obtain a refund. It is important if changes are needed on an already filed return that these changes are made within the three year time frame.
How Far Back Can I Claim Tax One of the most common questions around tax refunds is how far back can a claim be made with HMRC, (formerly Inland Revenue), when making a claim. The time frame around claiming tax back used to be up to 6 years, however HMRC have now changed this to just 4 years. This year (2011) you can make a claim and if eligible receive a tax rebate for tax years 2010/11, 2009/10, 2008/09 and 2006/7. You would not be able to reclaim any overpaid taxes for any period before 5th April 2007. Interestingly HMRC can still go back up to 6 years or even up to 20 years, if you have not paid enough tax! Contact us