Self Assessment and Tax paid on account

tigerspill

Hi,

Following completion of my 2016-2017 SA Tax return, I paid £500 on account for 2017-2018 (two instalments of £250 in January and July 2018).

I have just completed my 2017-2018 SA and I am owed £163, which it tells me I will be refunded.

Will they actually refund me £663 and include the £500 paid on account? If so is this automatic? Or do I need to take some action to get this £500 back?

Thanks for any help/advice.

TheCyclingProgrammer

What was your total tax liability for 2018/19?

If it’s less than the £500 paid ok account you’ll be owed the difference. I can’t remember off hand if this is deducted from your overall balance (including any payment on account for 2018/19 due on 31 Jan) or refunded to you.

Dazed_and_confused

You are sort of mixing two things.

One, your Self Assessment calculation. If that shows an overpayment of £163 then that would be refunded to you providing you have completed the relevant section of the return (think you are encouraged to provide bank details so it can be transferred to your bank account direct).

Two, once your return has been processed by HMRC they will make any adjustments necessary to your 2017:18 payments on account and, if required, create payments on account for 2018:19. From what you have posted the 2017:18 POA will be reduced to nil and there will be no POA required for 2018:19. So if you have paid £250 towards each 2017:18 POA then yes your total refund would be £663.

Once you have filed your return wait a couple of days and then have a look at your Self Assessment statement of account - that should show all the adjustments and repayment.

PDC

As asked. What did you pay this year?
Or more what did you expect to pay/did you work?

Normaly what you are owed is less what you've paid on account, unless you've done no work in 17-18 then I wouldn't expect to get all of that £500 back. I'd guess from your figures you did some work but not as much and the £163 you'll get back would be the portion of the £500 you paid last year that was exess - if that makes sense!

polymaff

tigerspill wrote: »

I have just completed my 2017-2018 SA and I am owed £163, which it tells me I will be refunded.

Just clarify this for us. Do you mean that your tax calculation from your online SA (aka SA302) says £163 in your favour, or do you mean that you've since received an SA Statement of Account (aka SA300) stating that your current balance is £163 in your favour?


EDIT: And have you been notified of any future PoAs?

[Deleted User]

polymaff wrote: »

Just clarify this for us. Do you mean that your tax calculation from your online SA (aka SA302) says £163 in your favour, or do you mean that you've since received an SA Statement of Account (aka SA300) stating that your current balance is £163 in your favour?


EDIT: And have you been notified of any future PoAs?

Agreed. Either:

the op has a liability of £337 for 2017/18 and, as a result of the payments on account made of £500, is due a refund of £163

Or

The op has a liability of minus £163 and, as a result of the payments on account made of £500, is due a refund of £663.

However, either way, no payments on account would be due for 2018/19 as the liability is too low,

pramsay13

It takes into account the money already paid on account so I reckon the tax owed is £337 so the refund is the balance from the £500.

[Deleted User]

pramsay13 wrote: »

It takes into account the money already paid on account so I reckon the tax owed is £337 so the refund is the balance from the £500.

The tax calculation does NOT in any way include, mention or acknowledge any payments on account already made in that tax year.

pramsay13

[Deleted User] wrote:

The tax calculation does NOT in any way include, mention or acknowledge any payments on account already made in that tax year.

Except where it does in Self Assessment Menu > View Account > Tax Years

polymaff

pramsay13 wrote: »

Except where it does in Self Assessment Menu > View Account > Tax Years

Except that this is not the Tax Calculation.

pramsay13

polymaff wrote: »

Except that this is not the Tax Calculation.

okay, but OP did not mention the Tax Calculation so until he comes back to clarify I am giving my opinion based on using the self assessment system and checking information using the tax years section of the account.