Paying too much tax - or too little

Article Abstract:

It is possible to claim a tax rebate if a tax overpayment was made as a result of an error on a tax return up to six years later. If a tax overpayment results from an error on the part of the Inland Revenue, then a rebate can be claimed up to 20 years later. It is important to keep records to support the information given on a tax return. Care should also be taken to avoid tax underpayment, which may arise if tax is based on an estimate of income which proved too low or if the taxpayer receives allowances to which he or she is not entitled.

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Payments on account

Article Abstract:

The new self-assessment tax return being used by the UK Inland Revenue allows the individual taxpayer to assess tax liabilities. For this reason, most people will no longer receive a notice of assessment. The Inland Revenue has now introduced a statement of account, detailing the amount it thinks the taxpayer owes and payments already made. Many taxpayers have now made payments on account for the 1996-1997 tax year, with the 1995-1996 tax assessment being used as the basis.

Tax assessment

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