Hmrc repayment supplement

IK25

Hi
Anyone know how a repayment supplement is calculated I currently have repayment due but they have added some money for repayment supplement (interest) the date showing on that is 17th jan 2020 spoke to hmrc they said that’s a estimated issue date for repayment anyone ever had there repayment issued on the date on there repayment supplement thanks.

unholyangel

If you provide the amount of the repayment, whether its including or excluding supplement and what the supplement is, it won't be difficult to reverse calculate it to find the number of days it accrued over.

MDMD

I wouldn’t worry too much about it, the rate is only 0.5% so won’t fund a holiday to Barbados.

https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates#hmrc-late-payment-and-repayment-interest-rates

It’s not taxable though, presumably this is because otherwise HMRC would have to allow a deduction for the (higher interest rate) underpayment interest.

https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2320

IK25

It’s not a lot to fair but my original SA repayment is large amount the 2 repayment are allocated together It’s just that they are saying the estimated repayment date 17th jan for the supplement repayment just wanted to know if my over payment from tax would be issued together

Dazed_and_confused

You would usually just get one payment, the total of the tax refund plus repayment supplement added together.

Is that what your Self Assessment account shows?

IK25

Yes shows exactly that but it’s only showing I’m getting interest up 17th jan 2020 hmrc have said that is the date it should be issued but they change the copy and paste reply’s everyday lol just wanted to see if anyone on here has been issued in the past on the date there interest is up until.

Dazed_and_confused

It might be worth taking a screenshot of your account to show what the interest for the period to the 17th is.

Then if your repayment is delayed you can compare the amount actually repaid against the screenshot and see if any additional supplement had been added.

smellydigit

IK25 said:

Yes shows exactly that but it’s only showing I’m getting interest up 17th jan 2020 hmrc have said that is the date it should be issued but they change the copy and paste reply’s everyday lol just wanted to see if anyone on here has been issued in the past on the date there interest is up until.

Hi I was wondering if it was the case that your payment was issued on on the date your repayment supplement was paid until (the 17th)

Blooo

I have this on my account over the past couple of years. I've always paid on time, so am puzzled why I have any interest at all.
Any ideas why I'm being charged interest? It is 10-50p so not a lot at all, but don't understand why!

Dazed_and_C0nfused

This thread is about HMRC paying out interest (known as repayment supplement).

Do you mean you have been charged late payment interest?

If so you would need to give further details for anyone to help you understand if it is correct or not.