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I've been overpaying my tax for at least 7 years...

(7 Posts)
NorksBride Fri 23-Feb-07 03:23:35

I finally sat down to do my self-assessment tax tonight (yes, I know it should have been in last month but I'm busy). Anyway, I actually looked something up in the guidebook and realised that I've been doing them wrong since at least 00/01.

I've corrected the whole lot (hence the time) and the Inland Revenue owe me more than £6000.

Am I happy?

OH YES I AM! HAHAHAHHHAHAHAAHHAHAHAHAH. YIPPPPPPEEEEEEEE.

Sorry about all that, but I'm feeling very exhuberant!

janinlondon Fri 23-Feb-07 10:16:30

Come on then...share! Where did you go wrong? (Hopeful that I've made the same mistake......)

dassie Fri 23-Feb-07 10:24:19

There is a time limit as to how far back you can go to change submitted tax returns but I can't quite remember how long it is.

Hope not to burst your bubble but may be worth checking how many of the returns you can still amend.

NorksBride Fri 23-Feb-07 14:09:02

The IR allow 6 years worth of returns to be amended and that's how many I've done. They sometimes allow more years but judge it individually.

I've been starting my self-assessment workings-out with my gross salary figure instead of the net figure. Duh. So I've been paying tax on my tax. I can't believe I was so dumb but according to the IR person I spoke to this morning, it's surprisingly common - nice of them to notify everyone!

Mumpbump Fri 23-Feb-07 14:10:32

There is a six year time limit which applies generally to contactual claims, but not sure whether tax might be an odd exception since I think the IR can pursue claims for tax more than 6 years back. It would be pretty unjust if you couldn't do the same...

dassie Fri 23-Feb-07 14:25:09

They can only go further than 6 years if they suspect fraud I believe.

That will be a nice cash bonus for you - just think of what you could do with all of that (plus a little interest!)

Eddas Fri 23-Feb-07 17:33:55

You can go back 6 years.

The figure that goes onto the return is the gross one and then once the tax is calculated you tax off any tax you've already paid. Are you sure it was wrong? Sorry to ask and not saying you're not right just don't want you to get excited then find out it was right all along

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