Reply With QuotePersonally, I’d just leave it. It will be a nice bonus in January when you will have little or nothing to pay.
As those of you doing HMRC self-assessments might know, the 2nd payment on account for the (previous) year is due on 31st July.
I received a reminder from HMRC in June and arranged the payment to be made on the 25th Jul (via BT), which went through, so no issues, so far.....
What I hadn't realised, was that I had already created a scheduled payment to be made on 26th Jul (via BT) - which I must have done back in January when I made the first payment on account and didn't see it on my bank app. This has also gone to HMRC. So I've paid HMRC twice for the 2nd payment.
OK, it's not the end of the world and it's not like I've actually "lost" any money - just wanted to know what the feasible options are here? Asking for it to be repaid seems like a reasonable option but how long might that take? Am I better off just leaving it and putting it towards my next tax payment?
Personally, I’d just leave it. It will be a nice bonus in January when you will have little or nothing to pay.
Any financial advisor (professional or amateur) would say take it out and earn interest on it.Originally Posted by vagabond
But I would leave it there, like Dave has said, nice to have it ready in place.
I’ve found refunds to be pretty quick (maybe a few weeks max). If memory serves they also pay interest on accounts in credit. In previous years this didn’t matter, but I would assume that the current interest rate wouldn’t be that competitive?
Apparently 4% - that’s more than my savings account…
https://www.gov.uk/government/public...interest-rates
I had an excess in pre-payment for a year, asked for the refund in February...........................
Not seen a bean yet !!!
You can login online and request refund to your bank. Unless it is a large amount and gets stopped for security check it’s pretty quick
4%? Perhaps I should have transferred even more into that!
Thanks all for the responses - I'll probably leave it there for the moment.
I cocked up this week and overpaid for the 31st. My accountant advised to wait until the payment clears and then request the excess back. She said if it was requested before it was cleared she’s known instances of the whole amount being retuned, then of course you miss the deadline.
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This, if money is not tight
My own experience of this was not quite the same, but similar. I overpaid without knowing as my tax return reduced the actual amount I owed after I had already paid it.
Their website is pretty awful, as it doesn't seem able to reconcile the payments you have already made on account until 72 hours after you submit a new return.
They reconciled it the following payment date and paid interest too - which was a surprise! The interest was only a pound or so, but hey ho.
If you don't need the money back and cant face spending hours on the phone to HMRC, leave it where it is and it will rectify itself.
If you need it back, contact HMRC and they will (hopefully) sort it.
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