Hi All,
I have spent a fair amount of time searching this forum and others to try and get an answer and I'm still not too sure.
I used to be self-employed and have an outstanding invoice from the 2010/2011 tax year for ~£500. This was included in my tax return and I paid tax on it. Chances are I'm now not going to be paid this so I'll have to write it (or at least part of it) off as bad debt in my 2012/2013 accounts when I come to doing them.
This is fine, however because my primary income is now via PAYE I rarely do any self-employed work which means my self-employed income during 2012/2013 is far below the earnings threshold.
So my question is: as I don't really have any earnings to write this bad debt off against (and I suspect I won't any time soon) can I actually reclaim the overpaid tax another way so it ends up back in my account?
I know it's only ~£100 but it's still £100 I shouldn't have paid and which I would rather have earning terrible interest in my account than HMRC's (another issue ;)).
Thank you.
I have spent a fair amount of time searching this forum and others to try and get an answer and I'm still not too sure.
I used to be self-employed and have an outstanding invoice from the 2010/2011 tax year for ~£500. This was included in my tax return and I paid tax on it. Chances are I'm now not going to be paid this so I'll have to write it (or at least part of it) off as bad debt in my 2012/2013 accounts when I come to doing them.
This is fine, however because my primary income is now via PAYE I rarely do any self-employed work which means my self-employed income during 2012/2013 is far below the earnings threshold.
So my question is: as I don't really have any earnings to write this bad debt off against (and I suspect I won't any time soon) can I actually reclaim the overpaid tax another way so it ends up back in my account?
I know it's only ~£100 but it's still £100 I shouldn't have paid and which I would rather have earning terrible interest in my account than HMRC's (another issue ;)).
Thank you.