Tax Rebate - What Does This Mean/Confusion?
Master Ozzy
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I applied for a tax rebate for the last few years, and recently received letters informing me that I was owed just over £2,000. They've sent me a cheque for £790 of it, and they have said that the rest of of it will be carried forward into the next tax year. What does this mean though? It makes no sense to me at all. I've got £790 of it, how will they be gicing me the rest? It's so confusing on all of the letters they send out.
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I haven't had many dealings with the Inland Revenue but whenever I have they've always been very helpful
It means that your tax code should have been reduced so that you pay less tax in the next tax year.
Though I've no idea what happens if your taxable pay isn't high enough. As swingaleg suggests, ring them up and ask.
Is it possible the balance is tax overpaid in the current tax year? If that is the case, it won't be repaid until after the completion of this tax year on 5 April.
You refer to wages but don't mention whether you are employed or self-employed. This could also make a difference in the treatment.