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Forums Payment cards Other payment cards Pre-paying HMRC for future Self-Assessment (personal)

  • Mr. AC 50 posts

    Hello!

    When I log into my HRMC account, in the Self Assessment section (I earn over 100k so have to fill it) I see an option to “Make a payment” even though I haven’t filled the return for 2022-2023 yet. What happens if I, theoretically, overpay? And then fill in the tax report on January 31, 2024. Would I get a refund in 2024? To the original payment method, or some other form? Would I get interest in the meantime? I searched around, but couldn’t find an answer.

    masaccio 806 posts

    I don’t think you get interest unless you pay corporation tax. How about over paying a fiver and see if they will transfer a refund direct to your bank account?

    JDB 4,806 posts

    Hello!

    When I log into my HRMC account, in the Self Assessment section (I earn over 100k so have to fill it) I see an option to “Make a payment” even though I haven’t filled the return for 2022-2023 yet. What happens if I, theoretically, overpay? And then fill in the tax report on January 31, 2024. Would I get a refund in 2024? To the original payment method, or some other form? Would I get interest in the meantime? I searched around, but couldn’t find an answer.

    HMRC will refund you any overpaid personal self-assessment tax with interest, which they used to refer to as repayment supplement, however that only applies on repayment of a sum they asked for that is subsequently reduced or a repayment owed because you amended your return after 31 January. The rate is set at 1% point below base rate, so the current rate is 4.25%. They no longer refund to your bank account if you make a debit card payment.

    The Savage Squirrel 609 posts

    They no longer refund to your bank account if you make a debit card payment.

    Sure about this? I got a personal tax refund via bank payment from HMRC a couple of weeks ago, and all the inward payments were made on cards of various sorts.

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