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Large credit with HMRC

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    Large credit with HMRC

    31st Jan is approaching,

    Last July I paid an amount on account and then recieved another request from my accountant to pay another amount.

    3099 and 2450 respectively.

    HMRC also told me I owed 869 to cover unpaid tax 2011-2012.

    Didn't bother researching it and this month I paid an additional 1650 to bring the balance up to the payment on account of 3099.

    I rang the HMRC today and the bloke tells me I have an 8k credit on my account which will reduce to around 5k once the 3099 on account is taken on 31st Jan.

    I am totally confused how I have ended up with such a large credit, if it is an actual credit rather than mis-calc on their part.

    Anyone else ended up with a large credit?
    Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

    #2
    Exactly the same happened to me this time last year. My figures were about 70% yours but same thing, paid on account, no shortfall from year below and 3k or so over paid. Asked my accountants to look in to it and see if everything was in order. They assured me everything was in order and it was due so got the cheque from HMRC a week or so later. I never got to the bottom of it but have printed and kept the mail chain from the accountant confirming everything was correct. I could only guess I had been in credit awhile.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #3
      Can be a nightmare following payments on account...especially when payments are made at odd times/allocated to incorrect years then shuffled around by HMRC. The online portal info available often takes quite a while to decipher.

      Impossible to tell from the info you've provided...I'd be inclined to go with what HMRC say, but do bear in mind their systems are often a week or more out of date, so don't speak to them until at least a few weeks after you've submitted a return/made a payment.

      Do have a look on your online portal login...all the info should be there, but like I say it might need a bit of tracing, following through payments/reallocations etc.

      Comment


        #4
        Originally posted by Maslins View Post
        Can be a nightmare following payments on account...especially when payments are made at odd times/allocated to incorrect years then shuffled around by HMRC. The online portal info available often takes quite a while to decipher.

        Impossible to tell from the info you've provided...I'd be inclined to go with what HMRC say, but do bear in mind their systems are often a week or more out of date, so don't speak to them until at least a few weeks after you've submitted a return/made a payment.

        Do have a look on your online portal login...all the info should be there, but like I say it might need a bit of tracing, following through payments/reallocations etc.
        All payments I have made are in their system, even the one I made on 4th Jan 2013, which is the last one I made.

        Was told they would send a statement sometime after 31st Jan, so will wait and see what that says.
        Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

        Comment


          #5
          Originally posted by northernladuk View Post
          Exactly the same happened to me this time last year. My figures were about 70% yours but same thing, paid on account, no shortfall from year below and 3k or so over paid. Asked my accountants to look in to it and see if everything was in order. They assured me everything was in order and it was due so got the cheque from HMRC a week or so later. I never got to the bottom of it but have printed and kept the mail chain from the accountant confirming everything was correct. I could only guess I had been in credit awhile.
          I find it shocking a contractor couldn't keep his finances in order. This shows just as negligent an attitude as spending all your VAT money on horses!

          Originally posted by MaryPoppins
          I'd still not breastfeed a nazi
          Originally posted by vetran
          Urine is quite nourishing

          Comment


            #6
            Just checked my SA online and have a 4k credit as mentioned before, after the Jan payment on account.

            So I left enough in there for the July payment on account and took the rest out.

            1k coming my way.
            Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

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