First of all you should have a transaction if not already present. See:
BEGIN TRANSACTION[
^]
Now if this is the same table you're reading and updating, why not use a single update statement. Something like:
UPDATE MyTable
SET COL = COl + 1
WHERE ...
However, I would not store calculations in a table so consider redesigning the application to fetch the amount you're interested in at runtime. This would prevent extra logic and ensure that you always get correct results.