PAYE under self assessment- TAX reclaim

[Elitist]

Hi

I am PAYE but have fallen under the Self assessment system every year since 2003 due to selling share options.

Each year I submit a tax assessment and always received a cheque from revenue due to medical expenses etc normally 2k a year

This time around 2008 assessment I just got a balancing sheet saying the 2k is Prelim tax for 2009

How will they will deal with this overpayment, will my tax decrease each month or will it just keep continung to roll over each year

Thank you in advance

 

[papervalue]

Hi

I am PAYE but have fallen under the Self assessment system every year since 2003 due to selling share options.

Each year I submit a tax assessment and always received a cheque from revenue due to medical expenses etc normally 2k a year

This time around 2008 assessment I just got a balancing sheet saying the 2k is Prelim tax for 2009

How will they will deal with this overpayment, will my tax decrease each month or will it just keep continung to roll over each year

Thank you in advance

Do you think you will have a tax bill or refund in 2009. If you think refund you could ring them and ask them to refund the 2k now or part of it. Under self assesment it is your choice

 

[Gervan]

I think they're just trying to hand out as little cash as possible. If you want the refund, phone and say you want to submit a payment of Nil for prelim 2009 and get the money back.

 

[Bonzo]

I encountered the same thing and was advised by accountant that if I felt that I would owe nothing ensure that I filled zero in on form and submitt it