Tax Return 2009/10

ryan86uk

Filed three weeks ago (after £100 fine notice)... Received a letter today, I have overpayed £1400 in tax....


Sweeeeeeet!

jimmo

I really don't want to be a party pooper but have you seriously thought about what has happened to you?
It seems that you are about to get a repayment of £1400 which you overpaid in 2009/10.
If the overpayment is correct then, depending on your individual circumstances, there could have been things that you could have done during 2009/10 to prevent an overpayment arising. In other words that £1400 could have been in your pocket quite some time ago.
Even if there was nothing you could have done during 2009/10 to prevent the overpayment arising, if you actually knew that you had overpaid you could have submitted your Self Assessment Return in April or May and got your repayment by May or June at the latest.
What really worries me is that if you have let those chances pass by because you don't understand Income Tax how confident can you be that you have completed your Self Assessment Return correctly?
Self Assessment does "exactly what it says on the tin" and if you have completed your Return incorrectly it is your fault and you will really suffer the consequences.
A cheque for £1400 may seem to be very nice but if you think about it, you really need to consider how important it is to you to understand tax.

ryan86uk

jimmo wrote: »

I really don't want to be a party pooper but have you seriously thought about what has happened to you?
It seems that you are about to get a repayment of £1400 which you overpaid in 2009/10.
If the overpayment is correct then, depending on your individual circumstances, there could have been things that you could have done during 2009/10 to prevent an overpayment arising. In other words that £1400 could have been in your pocket quite some time ago.
Even if there was nothing you could have done during 2009/10 to prevent the overpayment arising, if you actually knew that you had overpaid you could have submitted your Self Assessment Return in April or May and got your repayment by May or June at the latest.
What really worries me is that if you have let those chances pass by because you don't understand Income Tax how confident can you be that you have completed your Self Assessment Return correctly?
Self Assessment does "exactly what it says on the tin" and if you have completed your Return incorrectly it is your fault and you will really suffer the consequences.
A cheque for £1400 may seem to be very nice but if you think about it, you really need to consider how important it is to you to understand tax.

Hi!

I started a new job in Jan 2010, working abroad. I have a NT tax code so all the tax I paid between Jan-April 2010 was refunded. I didn't know I had to complete a Tax Return having a NT code as I just don't pay tax. Only when I received the penalty notice did I complete it. I thought I had already got my tax back from that year when I was granted NT status.