HMRC has issued some guidance around payments into customer accounts. The tax authority explained some of the timeframes involved as well as setting out a key term.
A taxpayer contacted the group as their tax return had indicated that they were due a repayment. They said their record showed the repayment had been issued since April 23. They asked: “When should it land in my bank account?”
You could be owed a payment from HMRC if you previously overpaid tax, which can happen for a variety of reasons. HMRC responded to the customer saying: “It can take up to two weeks from the date it shows as ‘repayment issued’.”
A taxpayer could end up paying too much because they are on the wrong tax code, if their income or wider situation changes and HMRC is not informed of this. You could also pay too much tax on your pension.
If you have claimed a tax refund from HMRC, there is a tool you can use on the Government website to find out when the amount should arrive.
You can use this tool for queries or requests you have made relating to:
Another tool is available on gov.uk to find out the best way to claim a refund if you are due an amount. If you are registered for self assessment and HMRC identifies that you are owed some funds, the group will automatically adjust your bill to reflect this.
However, if you are do not use self assessment and you are employed or receive a pension, HMRC may write to you if you are due a refund.
You will be sent either a tax calculation letter, known as a P800, or a simple assessment letter. The letter will explain how to claim back the amount you are owed.