Interest on POA

Interest on POA

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Hello

Do the revenue pay interest on the POA they receive in January and July ?

I pay tax in advance in January and July each year for my tax bill.

Does the revenue pay me interest for this money in advance on the whole amount or the amount i might have overpaid if my actual tax bill is lower than the POA.

Is this what they call a repayment supplement ?

Thanks

TT

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By ACDWebb
04th May 2006 16:59

If
your actual liability proves to be less than the PoA based on the previous years liability then there should be supplement on the refund resulting.

Do not look at it as paying in advance. Once you are into the general run of things tax is due in at least 2 and normally 3 instalments.

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By User deleted
04th May 2006 18:26

It's not really in advance
The first payment for a self employed person can sometimes be nearly 2 years after commencement. The payment in January is half of the estimated tax from the previous April through to the following 5 April, so more than 6 months have already passed and you've already earned the money. Employees pay much quicker.

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