Discussion
I don't understand tax at all. Can anyone shed some light on this one?
I've just received a self-assessment statement indicating that I've overpaid rather a lot of tax. Okay, I understand that bit.
But then looking back over the statement, I can see I'd already overpaid by quite a significant amount last July. And this is why I'm confused. Because when I received the last statement, it said the balance of my account with them was 0. So where's the credit come from all of a sudden?
Also, what's a "repayment supplement"? They gave me money for that one, so I'm not complaining.
Just wondering.
Anyway, I just rang the tax office to ask them to forward me the outstanding amount. The guy said I had a balancing payment to come off the total, I told him I knew that but he wasn't getting it until July, when it's due.
I've just received a self-assessment statement indicating that I've overpaid rather a lot of tax. Okay, I understand that bit.
But then looking back over the statement, I can see I'd already overpaid by quite a significant amount last July. And this is why I'm confused. Because when I received the last statement, it said the balance of my account with them was 0. So where's the credit come from all of a sudden?
Also, what's a "repayment supplement"? They gave me money for that one, so I'm not complaining.
Just wondering. Anyway, I just rang the tax office to ask them to forward me the outstanding amount. The guy said I had a balancing payment to come off the total, I told him I knew that but he wasn't getting it until July, when it's due.
A Repayment Supplement is the Revenue's term for Interest payable to you because you overpaid tax at an earlier date.
The Revenue do not automatically pay back refunds to taxpayers. Sometimes the taxpayer needs to request that the refund be paid back. There is a request box on the tax return instructing the Revenue to repay overpayments of tax. If you do not tick that box, they will hang on to your money. Indeed, even when you DO tick that box, they sometimes ignore that fact and hang on to your money.
The payment due on 31 July 2007 is NOT a Balancing Payment. It is, in fact, the Second Payment on Account due in respect of the tax liability for 2006/07. The First 2006/07 Payment on Account was part of your overall tax payment/refund due on 31 January 2007.
In June or early July 2007, you will receive another Statement of Account showing how much you have to pay on 31 July.
The Revenue do not automatically pay back refunds to taxpayers. Sometimes the taxpayer needs to request that the refund be paid back. There is a request box on the tax return instructing the Revenue to repay overpayments of tax. If you do not tick that box, they will hang on to your money. Indeed, even when you DO tick that box, they sometimes ignore that fact and hang on to your money.
The payment due on 31 July 2007 is NOT a Balancing Payment. It is, in fact, the Second Payment on Account due in respect of the tax liability for 2006/07. The First 2006/07 Payment on Account was part of your overall tax payment/refund due on 31 January 2007.
In June or early July 2007, you will receive another Statement of Account showing how much you have to pay on 31 July.
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