Whole payment on account concept is a load of crap - if they want to charge interest then they should be paying _same_ amount of interest on overpayments
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No income tax for two years
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At January this year I took a FTC for a year to then review what I do after that. Due to the PoA from last year and the PAYE tax for Jan-Apr I had a tax bill of £20 which was nice. That SA/PoA however covered a payment of over £1k of student loan. I have under £1k of student loan to pay back so went through the process to wind that down. The SLC have no way of getting the info/money from HMRC until Jan next year, as such I have to keep on paying it and probably chase them to stop it out of PAYE, then ask for a SL rebate next year. I don't even want to pay off in full in case that falls foul of the fact that they don't give refunds on voluntary payments (even though its there mess that I am overpaying). The only option SLC could give me was contact HMRC and they may be able to reduce my SA liability, all well and good if it wasn't only £20 and I had already paid it! So glad that gov functions interact so well together. Maybe I will be able to do something with more than 6 people by the time I get my reabate!Comment
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Originally posted by edison View PostI vaguely recall a rule a few years back that if your tax due was over £1,000 then you would have to pay on account? I had a large overpayment one year of about £7k.
Its not immediately obvious where you can say that you want to reduce payments on account when competing your SATR
Understand your Self Assessment tax bill: Payments on account - GOV.UKLast edited by Paralytic; 27 October 2020, 14:55.Comment
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Originally posted by Old Greg View PostWZS
Sorry for your troubles.
Originally posted by ChimpMaster View PostIt's not a rebate. They're just returning what is already rightfully yours and should never have been paid in the first place. I hope they gave you interest.
Originally posted by vetran View PostPray4NAT -- too soon?Down with racism. Long live miscegenation!Comment
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