hmrc self-assessment

Soot2006

This is probably the most stupid question, but it's on my mind ...

Did my first self-assessment this year. No probs, was told how much I would owe and this matched up with my calculations. Paid it right away to get it over and done with as was holding in a separate account.

Just had a letter from hmrc to say I have overpaid by X amount (the full tax due) and would I like a refund?

... On the online portal it tells me the same thing and then also tells me X amount is due in January. Can I just sit back until January now and they will deal with the money on the correct day and I will be all up to date?

Just seemed a bit strange to me (I jumped the gun!).

System

Don't worry it's not a stupid question.

It sounds like you've just received a statement of account. Your assumption is correct. As the tax isn't due until 31 Jan the credit can just sit on your SA account if you like. HMRC will set the credit off against the tax you owe shortly before its due date.

potus64

Hey Soot, did you include your a reference on your payment to HMRC, it's normally your UTR reference ending in K?

If the statement is showing your payment it should also show the tax due, I would chase it up and don't leave it until January, don't want to get any nasty penalty letters.

Soot2006

Thanks guys -- think I will sit back for now and then log in again closer to the due date and if I have any concerns give them a ring!
I did include the ref number and the payment is showing on my online portal thingy where it reads: You have overpaid X. And underneath: You will owe X.
Go figure!

potus64

Ah of course, you already said that, had a blank moment there, haha. HMRC don't like to make things obvious :P the swines

System

The paper statements normally only show tax due within 45 days of the statement date. Apart from December statement that extend the period slightly. I think it's because the December run is usually the last before 31 Jan