Bloody inland revenue will no longer give interest on overpayments but if you owe them......

[whomovedmychocolate]

The IR owes me some money. It will probably take them a year or so to get round to pay me - usually does. They've just announced that because the interest rates are low they are not paying any interest at all on overpayments.

So, you'd think they'd removed the interest on underpayments, yes?

No

I'm not the least bit surprised.

They are paying interest, they've just cut it from 4.5% to 3.5%. That applies to underpayments too.

well, it is your responsibility. if you overpaid, that is generally your fault (at least, it's ultimately your fault). if you underpaid, then it's also your fault so of course you should pay interest. I really don't see why you think it's unfair. If you paid too much because of their error then that would be different.

oh, they're paying 3.5%.

excellent, I think I'll "underestimate" my tax return. that's a better rate than my bank.

...I mean I think I'll overpay.

I'm fairly sure there's a form you can fill in which states you will not be working for the rest of the tax year. they paid mine back in 30 days.

I think you are right Senora. Forms like this arent publicised much though, IME.

Actually it's not my fault . They miscalculated my tax to quite a high degree. And the 30 day forms don't apply if you are a high rate tax earner who is continuing to earn.

And they announced yesterday it's not 3.5% anymore. But ZERO a big fat ZERO. According to the Indie.

Message withdrawn

Mad and inefficient too - I got a letter this week datestamped 1st December 2008

I got one stamped 2005

Did I mention that I got it last month????

Apparently I owed them money, but they've since reclaimed it....

That's alright, I guess