Tax refunded in the year

Jan 31, 2007 1 Replies

I am self employed and filling in box w85 of the tax calculation guide (or box 20.1 from main tax form). It wants my tax refunded in the year. I received a payment of xxx. But in a letter regarding this, it says "This includes Repayment Supplement arising and already present of xx.



What is Repayment Supplement and do I include the replayment supplement or deduct it?



e.g. repayment total: 1000 repayment supplement: 150. I put 1000 or 850 into the box?



Thanks,



Jon


It's interest cos HMRC hung on to your money too long.

You do not include it.

However, if you're s/e and only now doing your 05-06 return, I very much doubt any repayment you have received relates to the 05-06 tax year. If it did, you wouldn't have received interest on it.

So I suspect you shouldn't be putting anything in 20.1 and shouldn't tick Q20.

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