OT: Tax "rebate"

[Marshy]

My accountant informed me last week that I'm likely to be due a Tax "rebate" in January.

I'm unsure what this is - not having come across the term "rebate" in the same sentence as "tax" until now... Perhaps someone could explain this to me - is it just another form of payment to those nice gentlefolk at the Inland Revenue?

[deltaf]

Free money!!! Grab it and run!!

[dazren]

It means the Inland Revenue have agreed your figures for the 2001/02 tax your and have worked out you've overpaid tax.

As said previously take the money and run!!!

DAZ

[david beer]

Me too, all to do with "on account" payments in my case. Still nice though.

[daydreamer]

Enjoy it while it lasts - got a £1,000 rebate last year. Just as it had hit the bank, got a letter saying that they had recalculated and I owed them £1,600 . Yes they can do that.

Once more - grab it and run!!

[Marshy]

By the way, that *was* a tongue in cheek post. Having paid an obscene amount of tax over the last year, I'm just all agog at the chance of getting some back.

Edited to say: payment on account sucks ass. Fine if your income doesn't vary too much year to year, but a right sod if your income is strongly market-dependent. Bah, and indeed, humbug.

>> Edited by Marshy on Sunday 15th December 16:34

[pies]

Marshy said: Having paid an obscene amount of tax over the last year, I'm just all agog at the chance of getting some back.

cant tax what you dont get

[CraigAlsop]

pies said: cant tax what you dont get

You believe that do you...?

[RUF 3]

Don't hold your breath waiting for it. I was due a rebate last January. Everything submitted in time but it took until the end of May to get it. A different story if you were to try paying them four months late.
They do not pay you the £100 fine for late payment, and they pay you half the interest rate they charge if you are late. I imagine if you kick up a fuss your card is marked, and the Tax Investigation will come your way in a couple of years. Bunch of parentless people.

[JohnL]

In fairness I have to say when I was due a rebate it came about two weeks after I was told about it, which was about two weeks after I'd claimed for it.

[Mr E]

Hmmm.

I had a rebate this month for the last 4 years (the only four years of my life when I paied tax). A rather large amount of money from my point of view.

Nice.

Hence I'm in the market for something quicker.

It's a bit like finding a tenner in an old pair of jeans....

[Ali_D]

Boring accountant mode:

If you know that your income in the next tax year is going to be lower you can apply to reduce the the payment on accounts - there is a box for it on your tax return.

Boring accountant mode off before it sticks:

[Marshy]

Which assumes that you *do* know that it's going to be lower. And according to my accountant, your card gets marked if you claim that next year's income will be lower, and it turns out not to be.

Ah well, fingers crossed for that cheque, eh?

[m-five]

I've got a nice little £6009.54 cheque here from Inland Revenue.

Unfortunately I know it's due to an error, as every two years I get the (almost) same amount back and have to return it a year later once it is spent. Learnt my lesson this time and didn't cash it. Wonder what there computer system will think of that.

I usually end up owing £300 or thereabouts.

[CraigAlsop]

m-five said: I've got a nice little £6009.54 cheque here from Inland Revenue.

Unfortunately I know it's due to an error, as every two years I get the (almost) same amount back and have to return it a year later once it is spent. Learnt my lesson this time and didn't cash it. Wonder what there computer system will think of that.

Why not put it in a high interest account for a year - you'll at least get the price of a few nice meals out...

[swilly]

I get a tax rebate every year from those nice people at the Inland Revenue due to having to drive my car from home to a temporary work place (Tax relief on mileage when you expect to be located for less than 24 months.)
About 700 squid a year....for driving the TVR