Tax Return & Overpaid Tax

glider3560

I've done a number of things this year, which has resulted in overpaid tax. I'm also self-employed, so will complete a tax return.

I won't earn anywhere near the threshold in 11/12 tax year, so will claim a refund through my tax return.

However, I notice that under the bank interest section, it only asks for net interest. There is nowhere to insert the gross amount or tax deducted.

As most of my overpaid tax comes from interest, do they automatically back calculate the tax paid from the net amount or would I have to claim for this separately?

jennifernil

They will take the tax deducted into account, you just enter what they ask for.

jem16

glider3560 wrote: »

As most of my overpaid tax comes from interest, do they automatically back calculate the tax paid from the net amount or would I have to claim for this separately?

Are you doing this online or paper? If online you will see in the calculation that they take account the tax paid on savings interest.

Entering net is fine.

antrobus

glider3560 wrote: »

...

As most of my overpaid tax comes from interest, do they automatically back calculate the tax paid from the net amount ...

Yes.

HMRC do the same for UK dividend income as well.

glider3560

Thanks for the replies. Exactly what I expected.