Overpaid Tax

[squareone]

I was in PAYE employment with the same employer for 15yrs until this summer. I have not been in employment since then however have set up a Ltd Co and will start trading shortly. In the meantime I called my local tax office as I believe I have overpaid my tax for this year 06/07 however they told me that even if i have they wont refund it til the end of the tax year. Does anyone have any experience of this? If i wait til April they will have had my money for 8mths and that hacks me off! I could really do with the money now! Thanks in advance to anyone with any comments or advice

[dzug]

You'll get some of it back if you work for an employer again, however briefly.

You haven't definitively overpaid tax until the end of the tax year, which is why they are reluctant to refund any. I know what you mean though.

[Finance Guy]

If you are insistent, you CAN get it.

Alternatively, if you set up a Ltd Co and pay yourself through the firm, you could use your tax overpayments to fund your PAYE liabilities until it runs out. I did this three yrs ago in the exact same situation.

See your accountant for guidance.

Good luck