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Posted Mon, 16 Jan 2023 00:40:41 GMT by Aidarikos
Hi. I have a question regarding how self assessment calculations from previous years are added up. Let me bring example. Let’s say for the previous financial year ( up to April 2021) HMRC owns me 2000 pounds because it deducted too much. I didn’t claim this money yet, so they presented as a credit now. Now, for this financial year (up to April 2022) I own HMRC 5000 pounds, because they deducted not enough. Now, when I will proceed to payment, it will be calculated as 3000 pounds in total that I own OR I will have to first pay 5000 and then claim 2000 return from my previous year credit?
Posted Wed, 18 Jan 2023 13:08:36 GMT by HMRC Admin 17

Any credit from the first tax return will be automatically set against the amount due for the second one on your account
when both have been submitted.

Thank you.

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