You could be owed an amount from HMRC for one of several reasons
HMRC has provided an update regarding payments into customer accounts. The tax authority the key timeframes involved and clarified an important term.
A taxpayer got in touch after their tax return indicated they were owed a repayment. Writing over social media, they said their record showed the repayment had been issued since April 23. The person asked the tax body: “When should it land in my bank account?” You may be owed money from HMRC if you’ve previously overpaid tax, which can occur for a number of reasons. HMRC responded to the customer and explained a simple two-word message highlights a refund.
HMRC said: “It can take up to two weeks from the date it shows as ‘repayment issued’.” A taxpayer could end up paying too much due to being on the wrong tax code, or if their income or personal circumstances change without HMRC being notified. Overpaying tax on your pension is another common cause.
If you’ve submitted a tax refund claim to HMRC, there is a a tool on the Government website that allows you to check when your payment should arrive.
This tool can be used for queries or requests relating to:
- National Insurance
- PAYE Income Tax
- Child Benefit
- Construction Industry Scheme (CIS)
- Corporation Tax
- employers’
- Public services pensions remedy
- Self Assessment (including Unique Taxpayer References (UTRs))
- Tax credits
- VAT.
Another resource is accessible on gov.uk to work out the most appropriate method to claim a refund if you’re entitled to one. If you’re enrolled for self assessment and HMRC discovers you’re owed money, the organisation will automatically amend your bill accordingly.
However, if you don’t use self assessment and you’re in employment or receiving a pension, HMRC may contact you in writing if you’re due a refund. You’ll receive either a tax calculation letter, also known as a P800, or a simple assessment letter.
The correspondence will outline how to reclaim the sum you’re entitled to.
