Jump to content
Dragbag

I have a Tax question

Recommended Posts

Dragbag

I paid around £1200 tax on account last year, this year I bought a secondhand van and am going to claim it as capital allowance,

this cost as well as other expenditure brings my profits down to just above personal allowance.

so will I get the rebate of £1200 from tax on account from last year,?

 

Share this post


Link to post
Part Timer

Yes you can but personally I'd leave it in as it will be a cushion for the following years bill.

Share this post


Link to post
Dragbag

Are tax refunds done automatically or do you have to chase them and how long does it take?

Share this post


Link to post
laddergarder

I am in the same boat. Normally pay 2k jan and again in july. But this year I bought a van.

 

I have been caught out before with a big tax bill the following year after buying a vehicle, with no POA. So best set it aside if you do claim it back. But you can leave it with HMRC its up to you. But save it either way.

Share this post


Link to post
Part Timer
3 hours ago, Dragbag said:

Are tax refunds done automatically or do you have to chase them and how long does it take?

You normally inform them what you prefer. If you haven't then ring them and tell them.

Share this post


Link to post
Dragbag
9 minutes ago, Part Timer said:

You normally inform them what you prefer. If you haven't then ring them and tell them.

On th self-assessment they asked for bank details in case They need to make re-payment due to overpayment of taxes, So thought it was one of the benefits of doing everything through the gate way, that they know what’s going on and things are done automatically🤔

Share this post


Link to post
Part Timer

If I can remember 20 years ago I think there was an option not to take it unless you requested it

Share this post


Link to post
scottish cleaning service

I had to phone them and then they paid the refund into my bank account.

Share this post


Link to post
A.K WINDOWS
1 hour ago, Dragbag said:

On th self-assessment they asked for bank details in case They need to make re-payment due to overpayment of taxes, So thought it was one of the benefits of doing everything through the gate way, that they know what’s going on and things are done automatically🤔

If I was you and you don’t need the doe I’d just leave it there because it’s the in account the catches most people out when they haven’t got the money to cough up 

Share this post


Link to post
MarieDGarzai

I think you can get some kind of benefits in this way

Share this post


Link to post
Redditch windy

you can also claim annual investment allowance 

 

Share this post


Link to post
Dragbag

Turns out I didn’t have to apply for tax refund, as it’s turned up in my account this morning.. Happy days😎

 

Share this post


Link to post

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.