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Self Assessment - Do I owe or am i owed ?
JohnTbye
Posts: 38 Forumite
in Cutting tax
Hi,
I have completed a self assessment online, this is my first time. When all the details have been added and I go to the final page in the Summary I get a statement "Total tax repayable to you for 2020-21" and a positive figure next to it. Looked good to me.
I then view the pdf of the completed form and when I look at the summary on Page 14, there is a statement:
"You can use the working sheet in the ‘Tax calculation summary notes’ to work out the total tax, Student Loan repayment, Postgraduate Loan repayment, Class 2 NICs and Class 4 NICs due or overpaid for 2020–21. If the result is a positive amount, enter it in box 1, if it’s negative, enter it in box 2."
My positive amount from the summary mentioned above has been entered in box 2. The description next to box 2 does suggest that I have overpaid tax but the statement about entering a negative figure in box 2 has confused me.
Can someone confirm that I have overpaid and am due a refund.
I have completed a self assessment online, this is my first time. When all the details have been added and I go to the final page in the Summary I get a statement "Total tax repayable to you for 2020-21" and a positive figure next to it. Looked good to me.
I then view the pdf of the completed form and when I look at the summary on Page 14, there is a statement:
"You can use the working sheet in the ‘Tax calculation summary notes’ to work out the total tax, Student Loan repayment, Postgraduate Loan repayment, Class 2 NICs and Class 4 NICs due or overpaid for 2020–21. If the result is a positive amount, enter it in box 1, if it’s negative, enter it in box 2."
My positive amount from the summary mentioned above has been entered in box 2. The description next to box 2 does suggest that I have overpaid tax but the statement about entering a negative figure in box 2 has confused me.
Can someone confirm that I have overpaid and am due a refund.
0
Comments
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If there was tax owed it would say ‘tax payable’ not tax repayable - seems clear to me!0
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Thanks for the comment.0
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I wasn’t being facetious - what I said is genuinely the case. The only time that the phrase ‘tax repayable’ is used is when money is owed to you.JohnTbye said:Thanks for the comment.0
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