P50 result, advice appreciated

Deadly Ferret · 6 Dec 2007 at 22:28

I submitted a P50 for the first time a couple of months ago, and the result has been rather surprising. I knew I'd paid at least a grand too much tax this year, and I was looking for that to be refunded because I'm taking several months off work/don't see why I should have to wait until the end of the year for it back.

I received their report today, which says they owe me £510 for the year 2006/7 but absolutely nothing about this year! I didn't realise I'd paid too much last year, so it's a pleasant surprise to find out I have some money owed to me I was unaware of.

Two things bothering me then:

1. They didn't say anything at all about when I should expect the £510 to be reimbursed.

2. I want the excess for this year too!

Does anybody with relevant experience know what'll happen if I do nothing more? Would I be within my rights to demand the excess for this tax year be reimbursed now, given that I've declared I won't work for the rest of it?

Thanks!

Vonhelmet · 6 Dec 2007 at 22:31

I've claimed tax back a couple of times in the past. Once you get the letter saying they'll pay up, it shouldn't take long. Couple of weeks as I recall.

I've only ever done it for tax years that have passed. I think you can do it for the current year, but only if you are being paid through PAYE, in which case they amend your tax code on a temporary basis to reverse the difference.

Biohazard · 6 Dec 2007 at 23:25

Best thing would be to phone them up and ask direct

ps: 0845 010 9000

ste_bla · 6 Dec 2007 at 23:26

Deadly Ferret said:
2. I want the excess for this year too!

This year doesnt finish till April 08 so im pretty sure you cant claim yet

Im an idiot thought it was a different form

Not sure now as I got my rebate when i went to NZ about 5 weeks after i sent it off (sent may)

Vonhelmet · 6 Dec 2007 at 23:28

ste_bla said:
This year doesnt finish till April 08 so im pretty sure you cant claim yet

Your PAYE tax code can be amended to reverse the difference. The guy who sits behind me at work is currently trying to arrange this as he got put on emergency BR tax.

We work in the tax office at a firm of accountants btw

Glaucus · 6 Dec 2007 at 23:29

Deadly Ferret said:
1. They didn't say anything at all about when I should expect the £510 to be reimbursed.

Within 2 weeks usually, a nice cheque will come though.

Deadly Ferret said:
2. I want the excess for this year too!

This tax year isn't even close to finishing.
Either you tax in coming pay checks will be reduced or you will have to submit another at the end of the tax year.
If you phone up your local tax office, they should be able to tell you what's happening and hopefully get your tax reduced for the rest of the year.

DIABLO · 6 Dec 2007 at 23:31

Last time i got a refund i got letter and a cheque for the previous year which i did'nt kno wwas due me and a couple of weeks later i got the currant years rebate again the letter and cheque was together unlike your's.

Wallace · 6 Dec 2007 at 23:59

Did you submit proof along with the P50 (a P45 for example?) if so then they should calculate and refund as soon as it gets processed.

My girlfriend went through this process recently and got a cheque around 8 weeks after sending her p50 off, although the waiting time will depend on the local tax office.

Deadly Ferret · 7 Dec 2007 at 00:08

Thanks to all.

Yes Wallace, I sent in the P45 from my last employer (not the same one re: last year). I sent everything by recorded delivery too, as I'd heard stories about them claiming not to have received post.

Wallace · 7 Dec 2007 at 00:22

It wouldn't surprise me if there were different departments, one for this years claims and another for last years and your information was separated between them, if that is the case then one department may have been quicker than another to respond.

James J · 7 Dec 2007 at 01:14

I got 981 quid back 2 days ago via cheque so you wont have to wait til april for it. Thats this and last years as well btw

Nash · 7 Dec 2007 at 03:41

I wonder when the money gets transferred to you where it comes from. Does the government have bank accounts or do they have what is essentially a bank as their institution.

Vonhelmet · 7 Dec 2007 at 07:21

Nash said:
I wonder when the money gets transferred to you where it comes from. Does the government have bank accounts or do they have what is essentially a bank as their institution.

They have bank accounts.

Nash · 7 Dec 2007 at 08:51

Who with? How's it run?

Vonhelmet · 7 Dec 2007 at 21:35

Nash said:
Who with? How's it run?

I forget who with. I'll get back to you on Monday, if I happen to see a payment request that day.

EDIT: A quick look at the HMRC website, and a cross check with a list of sort codes on Wikipedia, suggests that their bank accounts are with the Bank of England. Predictable I suppose.

Pipe & Slippers · 7 Dec 2007 at 23:14

Give them a ring and request the cash. For 05/06 I submitted my tax return in mid June, and fairly quickly after I get a letter saying blah, blah etc, we owe you £90

November comes around and no cash, so I phone them up and they said someting along the lines of "well you have to request it!". Of course, it's not bleeding obvious at all that I actually want to receive the cash, I was just happy with the paper saying we owe you

When 06/07 came around I rang them up the moment I got their confirmation that they owed me

Deadly Ferret · 11 Dec 2007 at 19:24

I meant to call them yesterday to make sure they knew I strongly desired the swift return of my money. I forgot, and then this morning a cheque for both years' reimbursement arrived!

chippie · 11 Dec 2007 at 19:30

The refund for last year will either have been conincidentally done at a similar time to your claim for this year, or will have been done first.

The P50 claim will be dealt with seperately to a refund for a previous year (it's a different procedure) and can't be done on the same day (wonderful computers), so will either turn up in a few days, or just hasn't been done yet.

For those who are saying the tax year hasn't ended yet......

On a P50 you can declare that you will either not be working for a period of time, but will go back to work in this tax year (A), or that you will not be working again in this tax year (B)

In A you will get a refund of tax up to the date you submitted the claim, and will get a new P45 with the new information on it. You can then claim again and again if you want.

With B you declare you won't work again that tax year, and you get a refund as if the year had ended, giving you your whole years allowances. HMRC will then set their computer to check at the end of the year to check you weren't telling porkies, and if you were, will send you a nice bill.

EDIT - You posted while I was typing this. With A the cheques would arrive seperately, with B, My above statement is slightly wrong, both years may be dealt with together, and one cheque issued!