We’ve processed a lot of 2011 personal tax returns over the last year, a few of which have resulted in refunds. The question which our (happy!) client asks is “when will I get my money back?”
Note the phrase “MY money” – a tax refund arises because a taxpayer has paid too much tax.
Unfortunately, the answer is: it depends. It depends on the size.
If it is less than £1,000, then chances are it will be sent out no fuss.
However, if it is more than £1,000, then you may encounter the phrase ‘pending’. A more detailed enquiry may throw up another phrase, ‘security check’. This means that rather than simply rebating money due as determined by the taxpayer – i.e. by self assessment – it is subject to human examination.
At this point, the injustice of the situation results in the cry “but that’s my money, they don’t hang around when they want it from you”. To be fair, if you complete your 2012 tax return in April and are due a refund, it will be paid to you shortly afterwards (subject to all I’ve said above), but if you owe tax, it won’t be due until January 2013.
So if you think you will be due a refund, get it claimed sooner rather than later.
Finally, just remember – if you are due a tax refund, but don’t ask for it to be repaid, HMRC aren’t going to tell you. However, if you DO get an email from them letting you know, it’s a scam!
Exactly what are these ‘security checks’? Its the first time I have had to file a tax return (for 3 months of self employment only) and because of the set up costs I made a small loss. I also gave the information off my P60 which they surely already have so what exactly are they checking? Also the amount I am due a refund is well below £1000… when i spoke to the tax office they just advised it should be done by the 22nd June but gave me no other information. Does it really take 4 weeks to do these security checks??