How is tax calculated against prepaid tax?

[ToniS]

Hi. Can anyone advise me please? I have filled my 15-16 tax return in, but not yet submitted it because I have a query. I was self employed during the period (but am not any more). Between payments in both Jan 16 and Jul 16, I prepaid tax for this 15-16 tax period. I have now filled the form in and the calculation states that I owe money (when does the prepaid tax amount get calculated against the current calculation? Is it after I've submitted?)

I'm asking because when I view the calculation it doesn't seem to take the 2 payments that I've already made into account. I'm confused!

Thanks, in advance.

[JRG]

From reading other postings I understand that prepayments are not included when HMRC calculates your self assessment tax return tax liability.

You should have had a Statement of Account from HMRC recently which details any prepayments. If not, you should access your online tax account to see what your current status is.

[ToniS]

Hi. Thank you for your response. I checked the statement of account and it states the 2 prepayments that I made. I've now submitted my tax return, so am just waiting for confirmation.

Thank you for your reply.

Toni

[The Accounting Studio]

Did you have any overlap profits?