Overpaid CT according to corp tax statement

[Olly]

so when you borrow from your Ltd it's 4.75% ( i think)
but when you lend to HMRC it's 0.5%
faaaaaaaark I am getting so so so pissed off with this sheeeeeeet


mind u...no reason to pay them early...can still get accountants to figure it all out then set up the payment for future date so I don't forget.

hahahaa... 0.5% is better than Cater Allen are paying though!

[Clippy]

anyone know what the interest rate is on early payment of CT?

Thanks

0.5% according to the link on this page.

[Olly]

anyone know what the interest rate is on early payment of CT?
It's April soon so I'll know what the bank interest in my accounts is and be able work out what's owed without waiting until the end of Jan 2011.

My Ltd is essentially dormant so I don't want to pay for accounting anymore...plan to get them to run off the past year's accounts then be done with them.

My CT this year won't be much 5K tops! oopsss

Thanks

[Clippy]

If you pay CT early there will be interest paid, and if it's not yet repaid to you it will appear on the reconciliation. It can take HMRC a fair while to make the actual repayment and catch up on their systems, so not too unusual to see it there!

WCS

I paid my CT a few days early and about a week later received a cheque from them for a small amount.

Checked with my accountant as to what this refund was for and she advised it was probably interest accrued on the payment as it was paid early.

[Clare@InTouch]

If you pay CT early there will be interest paid, and if it's not yet repaid to you it will appear on the reconciliation. It can take HMRC a fair while to make the actual repayment and catch up on their systems, so not too unusual to see it there!

[Bumfluff]

I got my 'reconcilation statement' from HRMC for my last CT and accounts, in it says I have over paid a small sum, checked my accounts and the cheque that was cashed and its for the amount I should of paid according to the recon statment so Im not sure where they get this 'over payment from'.

I noticed on the statement the figure that seems to be over and where the difference is its says 'Less already paid including any credit interest', I paid my CT a couple of weeks early so is the interest I would have got for paying early included in this figure as this would explain the overpayment if the interest was added to the CT I paid ? Ive recieved interest for early payments before on CT and just got a cheque back I'm sure it wasnt included though or shown in the HMRC recon statement.