• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

  • You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
  • You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
  • If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Previously on "Bank of HMRC - overpaid tax interest"

Collapse

  • Hobosapien
    replied
    Thanks for the concern guys but it was legit.

    Got an email (due to having paperless notifications set on the government gateway thing where you log in for self assessment and company stuff like VAT returns) saying I had a new message and to log into my HMRC account to access it. No link or anything in the email for security reasons.

    Logged onto the gateway and accessed the message about the overpayment and refund due. Went into the side bar options to see a breakdown option showing it was accumulation and interest thereof going back to 2010.

    Leave a comment:


  • borderreiver
    replied
    Originally posted by SueEllen View Post
    HMRC only send you letters for paying money back even if you contact them by email.
    Exactly, that was my point!

    Leave a comment:


  • MrMarkyMark
    replied
    Check what Gideons family do, they are usually very "shrewd" when it comes to tax matters

    Leave a comment:


  • SueEllen
    replied
    Originally posted by borderreiver View Post
    Or even an email ...
    HMRC only send you letters for paying money back even if you contact them by email.

    Leave a comment:


  • borderreiver
    replied
    Originally posted by craigy1874 View Post
    Really just sounds like a scam - i'd be very careful! Please tell me the notification wasn't in the form of a text message!
    Or even an email ...

    Leave a comment:


  • craigy1874
    replied
    This

    Originally posted by Hobosapien View Post
    Just received a message from HRMC saying I'd overpaid tax on my self assessment and was due a refund of over £450, including just under a fiver in interest. Goes back to small overpayments since 2010 apparently when looking at the breakdown.

    Wasn't sure they could be used as a savings bank this way, thought interest on overpayments was a myth. The take with one hand (interest on late payments) but not give back with the other (interest on overpayments).

    Only downside is they need my personal account to pay into, so they'll then be able to take payments in advance, or whatever rules they come up with for raiding accounts for tax they see due in their crystal ball.

    I might make some large payments on account to offset the new divi tax.

    Reminds me of my dad once 'fleecing' Dixons by paying back too much on a credit account so he was getting paid interest instead of them. Not sure why they didn't just refund the difference but back then I remember them chasing him to take it back.

    Any other alternative saving methods that may be paying more than the typical savings account these days?
    Really just sounds like a scam - i'd be very careful! Please tell me the notification wasn't in the form of a text message!

    Leave a comment:


  • Hobosapien
    replied

    Late payment interest rate: 3%

    Repayment interest rate: 0.5%

    Leave a comment:


  • pr1
    replied
    https://www.gov.uk/government/public...interest-rates

    Leave a comment:


  • NotAllThere
    replied
    With my local tax authority (Switzerland), you can pay in advance. On anything up to 150% of the tax owed, you get a reasonable interest rate.

    Leave a comment:


  • Hobosapien
    replied
    BLTs are more appealing at the moment. Only pile of bricks I'm likely to buy anytime soon is abroad.

    Besides, not all savings are savings. Warchest needs stashing somewhere so the more 'safe' squirrel holes the better.

    Leave a comment:


  • BrilloPad
    replied
    Originally posted by Hobosapien View Post
    Any other alternative saving methods that may be paying more than the typical savings account these days?
    Don't ever save. Just use your money on deposits for BTLs.

    Leave a comment:


  • Hobosapien
    started a topic Bank of HMRC - overpaid tax interest

    Bank of HMRC - overpaid tax interest

    Just received a message from HRMC saying I'd overpaid tax on my self assessment and was due a refund of over £450, including just under a fiver in interest. Goes back to small overpayments since 2010 apparently when looking at the breakdown.

    Wasn't sure they could be used as a savings bank this way, thought interest on overpayments was a myth. The take with one hand (interest on late payments) but not give back with the other (interest on overpayments).

    Only downside is they need my personal account to pay into, so they'll then be able to take payments in advance, or whatever rules they come up with for raiding accounts for tax they see due in their crystal ball.

    I might make some large payments on account to offset the new divi tax.

    Reminds me of my dad once 'fleecing' Dixons by paying back too much on a credit account so he was getting paid interest instead of them. Not sure why they didn't just refund the difference but back then I remember them chasing him to take it back.

    Any other alternative saving methods that may be paying more than the typical savings account these days?

Working...
X