Self Employment Loss Offset Against PAYE - HOW LONG TO PAY?

[Deleted User]

Hi All

Well I know that I have some losses, errrr

BUT, I'm a PAYE employee too, so I know that I can offset and get some Tax back.

I have a few needs for the money when it comes in, like paying off a car finance.

Does anybody know how long it takes, my plan was to file my tax return in April, right away as I have all the prep work done and won't have much coming in and out over the next few months.

Could I get the refund quickly, or does anybody know how long we are talking... ? :cool:

Thanks in advance

Dazed_and_confused

One of my relatives has done this and the refund was paid quite quickly (in nominated bank account within 2-3 weeks of submitting the online return) and as yet (touchwood!) she hasn't been investigated and asked to pay it back.

She did mention the return was a little bit confusing as it seemed to want irrelevant boxes completing (I think there's been a similar post on here recently along these lines) but once she'd worked out how to complete the return and had submitted there wasn't much of a wait.

I do know though that her Self Assessment statement was clear before this, there was no old debts etc to complicate things - what is your position after filing your 11/12 return?

Also don't forget that even you may get asked questions about the return at a later date (I think it might be a year after you submit it) and if your loss is investigated you might have to pay any refund back if you have filled in the return wrong e.g claimed expenses you weren't entitled to but if everythings above board that shouldn't be a worry

[Deleted User]

This is my first year, so I have quite a few costs really. Thanks again