PAYE47050 - Employer returns: employer return - overpayments: net overpayments
A net overpayment arises when the total amount of credits (payments) for an employer record is greater than the total amount due for the year.
»Ê¹ÚÌåÓýapp total amount due is the sum of the following P228 charge details
- Total of tax on returns
- Total amounts deducted on CIS36 (up to 2007)
- Net total of NI contributions
From April 2007 contractors have to submit monthly returns direct to CIS. For years 2007-08 onwards details of the Annual Return Status and CIS deductions made will be notified to BROCS in early May and then updated daily.
A net overpayment can arise even if the credits for one item are less than the amount due for that item. This can be seen in the following table
Ìý |
Tax |
NIC |
Total |
|---|---|---|---|
Credits |
1,000 |
100 |
1,100 |
| Due | 960 | 110 | 1,070 |
| - | ----------- | ---------- | ---------- |
| - | £40 (overpayment) | £10 (underpayment) | £30 (net overpayment) |
Ìý