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How does the revenue repay tax?

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  • 06-11-2006 10:01pm
    #1
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭


    I'm a sole trader and and my accountant told me that I overpaid my taxes for the year 2005 by €1143.58 and submitted the form to the Revenue and I duly got a notice of assesment letter back mid Oct and its said at the bottom BALANCE OVERPAID €1143.58. All fine with what I knew.

    Now today I received a cheque from the revenue for €402.21
    All the letter says is Repayment of Tax->Income Tax -> Year 2005 -> amount ->€402.21

    Now my question do the revenue pay in instalments or why they haven't sent the whole cheque ?? or is it a mistake?? or maybe its €402.21 that was owed somewhere else and the €1143.58 will still come "Happy days" :confused::confused:

    And what to do next?

    Thanks in advance


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    #2
    kmick
    Registered Users Posts: 3,375 ✭✭✭kmick


    The Revenuw will pay you what they think they owe you. Also they will offset into other taxheads. For example if you were owed 1000 from your IT taxhead but owe Revenue 600 on a PAYE or CGT taxhead they will offset against the 1000 and repay 400.


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    #3
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    I would contact them. They are generally approachable and if they have made a mistake they will fix it quickly enough. I'd also check with the accountant. As posted maybe there are things on the tax submission that Revenue approached differently.


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    #4
    mckers
    Closed Accounts Posts: 21 ✭mckers


    1) if you are married and due a refund, the refunds regularly issue out in two cheques, a portion for yourself and a portion for your wife.

    2) The most likely reason is that you owe money on another tax head. Revenue are pretty slow at the moment, but definitely get onto them as soon as possible.

    From my experience, if a Notice of Assessment is correct, then your refund issues 99% of the time for the correct amount unless one of the above applies.


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    #5
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭EKRIUQ


    mckers wrote:
    1) if you are married and due a refund, the refunds regularly issue out in two cheques, a portion for yourself and a portion for your wife.

    That could be the reason, because my wife would'ent of used her credits last year, strange they don't send both at the ame time. And all my other tax affairs are up to date.

    Thanks for the replys will give revenue a ring


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