Self assessment Tax return overpayment

[hardy]

Hi

I just completed my self assessment tax return for 2014-2015 and after calculation, I realised that I overpaid, do I adjust the payments for the following year taking into account the amount I overpaid by? and make small First and second payment for the 2015-2016 accordingly?

The reason I want to go with the adjustment rather than wait for HMRC to pay back my money, is because I need money now.

I appreciate your help.

 

[StevensOnln1]

Go back on the the HMRC Self Assessment online service in a couple of days time and it will update the balance of what you currently owe so you can then confirm how much is due by 31st January, or whether a refund is being issued before that for overpayment.

 

[hardy]

Thank you StevensOnln1, I haven't submitted it yet, just saved it, do I need to submit it and wait a couple of days for the update then?

 

[Trader82]

Hi Hardy,

You can make changes to your return by:

1. Logging on to your HMRC account
   
2. From ‘Your tax account’, choose ’Self Assessment account’ (if you don’t see this, skip this step).
   
3. Choose ‘At a glance’ from the left-hand menu.
   
4. Choose ‘Tax return options’.
   
5. Choose the tax year for the return you want to amend.
   
6. Go into the tax return, make the corrections and file it again.

You’ll see your amended bill straight away.

To claim a refund, go to ‘Request a repayment’ from the left-hand menu within your online account. Unfortunately it can take up to 4 weeks for your refund to be sent to your bank account.

Not what you wanted to hear I know.

 

[StevensOnln1]

Just submit the return a the balance should update within a couple of days. The calculation at the end of the tax return doesn't take into account payments that you've already made on account.

 

[Trader82]

Normally within 3 days, your statement will show the difference from the old one, so you can see whether you owe more or less tax.

In your case less, but you still need to go through the refund saga

 

[Trader82]

To confirm you will see the change/amended on your bill straight away, however it will take up to 3 days for your statement to show the difference.

As stevensOnln1 said

 

[hardy]

Thank you guys you have all been great, now I understand how this works.

One question though; say I overpaid by £1000 for example (2014-2015), and they ask me to make £900 as First payment for next year (2015-2016), would it not be possible to use the £1000 overpayment to pay the £900 for my first payment for 2015-2016, by adjusting the numbers myself rather than paying and waiting for the refund?

I just hope my question is clear!

 

[StevensOnln1]

In your example you would request a refund of £100 and the remaining £900 would stay on your self assessment account to cover the January payment.

 

[David Griffiths]

Just request the repayment by completing the relevant part of the tax return.

At this stage, HMRC will automatically set off what is due at the end of January and just refund the difference.

 

[hardy]

Thank you guys, it is all clear now, I appreciate your help, merry x-mas and happy new year.

 

[Trader82]

Merry Christmas Hardy.

All the best.

 

[Andrew Chambers]

,.............

 

[john1989]

,.............

Your most helpful post yet ;-)

 

[Andrew Chambers]

Your most helpful post yet ;-)

Better thany original post in which I had misread the op

 

[David Griffiths]

Your most helpful post yet ;-)

It could be morse code for "I see I see"