Hi everyone
I was given 10 years to pay approx £10K, which had approx £2K in interest charges added £12K total. To try and reduce the interest I managed to repay the £10 tax owing by borrowing from elsewhere and contacted HMRC asking them to recalculate the amount owed as I had settled to tax owing.
I've just heard back from them say I need to repay the £12K in full as I have a contract agreeing to pay that sum and then to notify them that I had done so and that they will then refund me if there is any over payment. This seems awfully clumsy and will cost me more as paying the additional £2K will take me extra time.
I would have thought there would be a mechanism for them to see the total paid to date with the ability to agree that the amount is settled early, but clearly not. Has anyone else had similar experience?
I was given 10 years to pay approx £10K, which had approx £2K in interest charges added £12K total. To try and reduce the interest I managed to repay the £10 tax owing by borrowing from elsewhere and contacted HMRC asking them to recalculate the amount owed as I had settled to tax owing.
I've just heard back from them say I need to repay the £12K in full as I have a contract agreeing to pay that sum and then to notify them that I had done so and that they will then refund me if there is any over payment. This seems awfully clumsy and will cost me more as paying the additional £2K will take me extra time.
I would have thought there would be a mechanism for them to see the total paid to date with the ability to agree that the amount is settled early, but clearly not. Has anyone else had similar experience?
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