Get your tax refunds sooner
HMRC update. HMRC’s latest “Agent update” publication for accountants and tax advisors includes a reminder that it now automatically makes refunds of personal self-assessment (SA) tax and corporation tax (CT) sooner where it can do so through BACS. To do this it must have details of the bank account to which the refund should be sent. In our experience the absence of bank details means that any refund can take weeks rather than days to arrive as well as taking longer to clear through your bank.
Bank details. HMRC’s system uses the bank information shown in your SA tax returns on the SA100 form (Page TR6) or the software equivalent if completing your form electronically. For CT the bank details should be shown on page 11 of your CT600 tax return or the software equivalent.
Tip. If your accountant completes your tax return, make sure they include the appropriate bank details before you approve it for submission to HMRC.