Fast Tax Refund from HMRC

Written by Karen Bryan

I finally got around to filing m online income tax return for  the tax year 6 April 2017 to 6 April 2018 on 15 July 2018.

I had worked out the turnover, expenses and profit for my online publishing business by mid April 2018.

But I waited to receive the annual interest statements from my various current and savings account before completing the return. Having to collate all that information is one of the reasons why I am tempted to ditch my high interest current accounts.

I had overpaid around £200 in income tax on money taken from my flexible drawdown pension. However, I opted to pay voluntary Class 2 National Insurance Contributions (NICs) of £148.20 for the year in order to reach the 35 years required to qualify for a full UK State Pension. This meant I would only receive an income tax refund of around £50.

I was pleasantly surprised to receive the £50 overpaid tax income refund in my current account on the 20 July 2018.

HMRC seems to get a lot of bad press about slow and inefficient, but that wasn’t my recent experience.