Will I get a tax refund?

[Beautytreats75]

Good evening all

Ive just finished my first year of business, my books are currently with my accountant.

Someone told me yesterday that every year I can expect a refund after ive filled my tax return snd I will get actuall money back within a week? Is this correct?????!

I can feel the holiday brochures coming out as we speak! Lol

Any info would be great. Thanks

 

[Steph86]

All depends on if you have over paid your tax. If you have its a lovely surprise xx

 

[BannerPenguin]

I know how you feel with the holiday brochures lol
However I don't think that's correct. Your accountant will be able to advise on your taxes and expecting a rebate but I wouldn't get your hopes up and definitely won't be every year.

The better the accountant the better he will be able to sort out your taxes etc. and get you as much as possible of what's owed to you or keep it small as possible to what you owe HMRC.

 

[smallandcute]

it all depends on how much tax you have paid in terms of business tax and income tax and a few other factors. i would also say there is no way in heavens chance you will be getting it back within a week! whoever said to you that your rebate comes within a week and every year needs to do some reading on financials. if you are due a rebate expect it to take up to a year to get back to you if not longer. i had a rebate just before christmas which was from the year 2009/2010. i would put those holiday brochures away and only look once the cheque arrives.

 

[MrsHBeauty]

My brother in law is subcontracted and has his income tax taken out by his contractor.

When we do his tax return he always gets a rebate sometimes a couple of thousand, he often gets his refund within 7 days but more usually within 7-14 days.

But this is for the construction industry scheme.

You have to have paid tax in the first place to get it refunded.

If you are a self employed sole trader the chance if getting money back is quite slim.

 

[Pedifan]

My brother also gets his refund within 14 days, but again he works in construction, I don't see how that should make much of a difference though.

 

[Zooks]

If you are self employed I am guessing you havent actually paid any tax yet?

You have to have paid tax to be able to claim any back.

Sent from my GT-I9300 using SalonGeek

 

[Dream Nails]

I had a refund this year only because for part of last year I had a full time non nail job that I paid tax on. It took 3 weeks for the refund to come through and you get a choice of paid direct to your bank or in a cheque.
Vicki x

 

[MrsHBeauty]

My brother also gets his refund within 14 days, but again he works in construction, I don't see how that should make much of a difference though.

Because they pay tax which the contractor subtracts, they then have to do a tax return and put in their expenses and it then tells them how much tax they over paid.

When you are a sole trader you only pay tax after the year you've just completed, and this is worked out by your accountant and already takes into consideration all of you outgoings.

You have to pay income tax in the first place to get it back. Most sole traders wouldn't have paid any.