I completed my Self assessment online by Jan 31st and it worked out that I had overpaid tax by about £700. Does anyone know how long it takes to get a refund on the tax and is it paid back to you normally by bank transfer or cheque?
Did you instruct HMRC to repay the overpaid tax to you?
You have to indicate on the return that you want the amount refunded. If you don't do this, they will hold on to your money and offset the overpaid amount about the next Self Assessment tax liability that becomes due.
They will refund the amount due very quickly, usually within two weeks PROVIDED you ticked the "please repay to me any overpaid tax" box when completing the return.
