Tax Rebate - What Does This Mean/Confusion?

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• swingaleg Posts: 103,083

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  13/01/15 - 20:33 #2

  I'd assume they mean it will be credited against the tax you are due to pay next year ?

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• Master Ozzy Posts: 18,935

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  13/01/15 - 20:35 #3

  I was thinking it meant that I will receive it back in my wages each month starting from 1st April 2015 until March 2016.

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• swingaleg Posts: 103,083

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  13/01/15 - 20:41 #4

  the best thing would be to ring them up and ask
  
  I haven't had many dealings with the Inland Revenue but whenever I have they've always been very helpful

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• lemonbun Posts: 5,371

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  13/01/15 - 20:56 #5

  Master Ozzy wrote: »

  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.

  
  It means that your tax code should have been reduced so that you pay less tax in the next tax year.

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• jsmith99 Posts: 20,382

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  13/01/15 - 20:59 #6

  I'd guess that your 2015/16 tax allowance will be increased by £6050, so that, provided your taxable pay is high enough, you'll pay £1210 less tax than you would have done. That's assuming that your tax is at standard rate, of course.
  
  Though I've no idea what happens if your taxable pay isn't high enough. As swingaleg suggests, ring them up and ask.

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• Smokeychan1 Posts: 12,135

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  13/01/15 - 21:58 #7

  Master Ozzy wrote: »

  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.

  
  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.

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• Master Ozzy Posts: 18,935

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  13/01/15 - 22:43 #8

  I'm employed not self-employed. It's really frustrating. They take too much money off you yet won't give it all back to you at once. It's ridiculous.

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• KennedyC Posts: 1,289

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  14/01/15 - 11:45 #9

  From my experience the HMRC prefer to give rebates in full. It is only when you owe them that they try to take it gradually using a tax code reduction. It may be that they are waiting on some paperwork from your employer before they can officially confirm the exact amount.

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