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Help... HMRC repayment!
Tayus
Posts: 313 Forumite
in Cutting tax
Hi,
I recently filled out a SA which calculated that I owe tax of approx £60 for 12 - 13.
This was considerably less than previous years (used to be approx 1200) as i had 2 properties that i let out then and now only have 1, plus i now have an interest only mortgage on the remaining property which is accounted for in my return.
So.... I paid the amount required (£60ish) a couple of weeks ago and thought nothing more of it. Until today when i checked my account and can see that i have received a repayment of £1500!
Anybody have any idea why i have received this?
I recently filled out a SA which calculated that I owe tax of approx £60 for 12 - 13.
This was considerably less than previous years (used to be approx 1200) as i had 2 properties that i let out then and now only have 1, plus i now have an interest only mortgage on the remaining property which is accounted for in my return.
So.... I paid the amount required (£60ish) a couple of weeks ago and thought nothing more of it. Until today when i checked my account and can see that i have received a repayment of £1500!
Anybody have any idea why i have received this?
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
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Comments
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Hi,
I recently filled out a SA which calculated that I owe tax of approx £60 for 12 - 13.
This was considerably less than previous years (used to be approx 1200) as i had 2 properties that i let out then and now only have 1, plus i now have an interest only mortgage on the remaining property which is accounted for in my return.
So.... I paid the amount required (£60ish) a couple of weeks ago and thought nothing more of it. Until today when i checked my account and can see that i have received a repayment of £1500!
Anybody have any idea why i have received this?
If the calculation for the year was tax due £60 did you make any payments on account for 2012-13 based on the larger amount due the previous year? If so it may be your 2 payments on account as you say you paid the £60 also0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
Thanks for the response, for the last 2 tax years i have had to make payments on account. Hopefully it is that, i'm just worried that they'll come asking for it back in a few months! It's going to one side anyway just in case!Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
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Your payments on account for 2012/13 were based on 2011/12 liability - presumably £780 each. So, you have paid £1560 towards a final liability which turned out to be £60 - the £1500 plus interest is yours. You also will have no payments on account to make either this month or in July!There are 10 types of people in the world - those who understand binary and those who do not. :doh:0
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purdyoaten wrote: »Your payments on account for 2012/13 were based on 2011/12 liability - presumably £780 each. So, you have paid £1560 towards a final liability which turned out to be £60 - the £1500 plus interest is yours. You also will have no payments on account to make either this month or in July!
Which is just as well because the small tax liability indicates that the money won't be there to pay them.The only thing that is constant is change.0 -
zygurat789 wrote: »Which is just as well because the small tax liability indicates that the money won't be there to pay them.
Unless you count the £1500!!:DThere are 10 types of people in the world - those who understand binary and those who do not. :doh:0 -
purdyoaten wrote: »Unless you count the £1500!!:D
That's last years moneyThe only thing that is constant is change.0
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