Following a policy change from the tax office, if you fill in the repayment pages of your Self-Assessment Tax Return, you may not receive the refund in the account you have specified.
This is because HMRC will make a tax repayment using the card details that were used to make a previous tax payment first. The new process is due to their systems that bring them into line with banking industry standards. HMRC will only use the details on the Tax Return once the refund exceeds the amount of the payment made from the credit or debit card.
It’s also worth noting that you are no longer allowed to use your personal credit card to pay HMRC.
Let’s assume you made a £1,000 tax payment on account on 31 July 2017 using your personal credit card.
Your submitted Tax Return for 16/17 actually shows that a refund of £1,600 is due. You enter your bank details into the relevant self-assessment pages.
As your last payment was made using your credit card, HMRC will issue a £1,000 refund to your credit card and only £600 will be refunded to your bank account.
This is likely to cause a number of problems for taxpayers. If you’re due a refund, you should check carefully which account you have used to pay HMRC so that you know where some or all of your refund is likely to end up.
If you’re concerned about any aspect of your tax return, don’t hesitate to give us a call on 020 8530 0720. Or email firstname.lastname@example.org – we’ll be happy to help.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 164 reviews
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
At Nordens, we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters in the big bad world of business. That way, you can stay one step ahead!
In celebration of our 18th birthday, we’ve launched our Refer-a-Friend scheme, allowing you to receive a thank you gift from us of up to £1,000 for successfully introducing a new client.
Our team of experts will be in touch to find the very best time to hold a free, no strings attached, one-hour consultation.