Income tax refunds

[ASB]

Doesn't matter when it arrives, Hector, for all his faults, always pays interest at or above current rates. There was a discussion recently about someone paying CT early and getting a refund because Hector's rate was better than anything a company could get...

Not any more The rates are here. http://www.hmrc.gov.uk/rates/interest.htm

Up until about '99 the debit and credit rates used to be the same so it was very cost effective then.

[malvolio]

Doesn't matter when it arrives, Hector, for all his faults, always pays interest at or above current rates. There was a discussion recently about someone paying CT early and getting a refund because Hector's rate was better than anything a company could get...

[tim522004@yahoo.co.uk]

Do it online!

As already mentioned the quickest way is to register for 'self assesment' online.

Complete your tax return (our your accountant can) online. You will have to wait until after the 5 April 2006 (obviously) to post it online.

You will get the refund within 7 working days. Sometimes it arrives late, as you would expect!

[OrangeHopper]

My refund was in my bank account this year within a week of submitting my online return.

[Hex]

If it's 05/06 then fill in your Self Assessment as soon as you can after 5th April 2006 and tick the box that says you want a refund paid. If you do this promptly you can sometimes receive the refund within a month - I did last year anyway. I had it credited directly to my bank account.

Don't have it offset against a future year's tax if you can help it. It just complicates things and delays your refund. I don't see why anyone would do it voluntarily.

[VectraMan]

This is 05/06 I'm talking about. So by the time the self asssessment form has been processed, it won't be 06/07's bill it will be taken off, but 07/08 ?

[XLMonkey]

You should have filled in one of the options on your tax return, either to have a cheque sent or to have it taken off next year's tax bill. If you don't pick an option, then they take it off next year's bill (unless it's a whopping amount, in which case they'll still send you a cheque)

[VectraMan]

Seems I've paid way too much this year.

Am I likely to get a big fat cheque from the IR, or will it be like a credit against future tax? And how long do these things usually take?

I assume that me not paying income tax because I know they owe me some is a really bad idea?