Confused over tax rebate - is it overpayment of tax or expenses claimed back?
Hi, I just received a self assessment form claiming that I have overpaid on my tax. I have to contact them to ask for the money. I am confused as I know my accountant completed my tax forms and I am expecting money for expenses I have incurred whilst self-employed. Is the letter I received this morning the money for these expenses or when it says it is for overpayment of tax does it mean this is a separate amount of money that I am owed?
United Kingdom - 1 Answers
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Answer 1 :
As a Chartered Accountant of some 30years or so, i think that your accountant should have sent to HMRC - tax authorities when he completed your tax form a copy of your business accounts showing the taxable profit due. Obviously you have made some payments on account of the final liability and it looks like you have overpaid your tax. All your allowable business expenses should have been claimed by your accountant in calculating yourtaxable profit. Hope that this has helped you! You can always phone the Self Employed Tax Helpline at your local or Regional Tax office.
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