SA tax return submitted . There is an income tax repayment due but also a CGT liability due albeit that the latter is not due till the end of January .
Can a repayment of the income tax be obtained now?
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probably not
..have you checked the SA online position?
I would assume that the income tax overpayment is automatically deducted from the capital gains tax due & the balance will be payable in January (assuming the CG is larger than the overpayment)
It is but
I was wondering if we could get the IT back first
Is there any leg preventing this?
Doubtful
Not aware of any specific legislation preventing it but I'd be very surprised if it was possible.
Yes
The 2014/15 IT repayment can be obtained now, with the CGT liability left until 31 Jan 2016.
You have to actually request the repayment which is best done in the 2014/15 SATR itself, ideally with the client's bank account details.
That's great
The 2014/15 IT repayment can be obtained now, with the CGT liability left until 31 Jan 2016.
You have to actually request the repayment which is best done in the 2014/15 SATR itself, ideally with the client's bank account details.
Always good to learn something :)
Really?
Isn't it just part of your overall self-assessment tax liability for the year?
Have you done this in practice?
I just don't see how this would be possible.
*Thumbs up*
HMRC made the repayment and the SA a/c is now showing the CGT as still o/s and due 31.1.16, so in other words they didn't withhold the CGT from the repayment.
Probably about the only benefit of a useless internal communication system
I am very surprised at that!
You learn something everyday - i'll bear that in mind. cheers.
Will the position be different if the overpayment isn't down to payments on account?
Say a overpayment from PAYE?
um ...
You learn something everyday - i'll bear that in mind. cheers.
Will the position be different if the overpayment isn't down to payments on account?
Say a overpayment from PAYE?
You have now exhausted my technical knowldge on this subject. Sorry. Dunno.
@jcresswell
Any overpayment is repayable until you get to the 'buffer' period - it used to be 45 days but I think it was increased to 60 days.- before the CGT becomes payable. Also applies where payments on account are excessive and reduced leaving a balancing payment to be paid in the January
so if it relates to overpaid PAYE we can still get a repayment?
Spoke with HMRC agent line today and the chap was adamant that we could not.