HMRC VAT Party Brewery Organise couldn't

[arfur]

Eric Mc said:

No - unless the Payments on Account turn out to be higher than the actual liability.

Say your ultimate 2007/08 tax liability comes to £5,000. and say the two payments on account you made on 31 January 2008 and 31 July 2008 respectively come to £6,000 (this can happen) - this means that you will have overpaid your overall 2007/08 tax liability by £1,000.
In those circumstances, the Revenue will DEFINITELY pay you some interest.

Edited by Eric Mc on Wednesday 18th July 09:13

Not as much as they used to ! ... Remember that old scam of overpaying th IR by 50k because their interest rate was better than the banks etc ? ...

[Eric Mc]

The interest rates are much closer to the bank base rates now - so the advantages of using the Revenue as a "deposit account" or, more likely, a form of borrowing, are gone.

Don't forget that interest charged by the Revenue is not allowable as a business cost. Conversely, interest received from the Revenue is tax free.

[Leftie]

Had the RED letter today threatening distress of my assets blah, blah, blah.

That would be a week late. Remind me never to cross HMRC again.

[Leftie]

I have now had a yellow Surcharge liability Notice, despite them assuring me it was sorted and they had the dosh.

I suppose I had best check it has left my account and ensure they agre they have it (again).

[Leftie]

Leftie said:

I have now had a yellow Surcharge liability Notice, despite them assuring me it was sorted and they had the dosh.

I suppose I had best check it has left my account and ensure they agre they have it (again).

Took me ages to sort this, including them sending me a red letter. Then a week later HMRC write with a NI demand for £423 which I paid. Then a week later they send me the nast letter about owing them £178. Turns out the allocated to the £423 to 2007/8 not 2006/7 anmd they owe me £245.

Should I write them a nasty letter?