COM122034 - Repayments / reallocations: non automatic reallocations: surrender non COTAX repayment to COTAX (Action Guide)

To make a set off of a non COTAX repayment against COTAX, consider steps 1 - 13 below. The guide is presented as follows.

Set off Income Tax or payment of Tax Credit amount Steps 1 - 5
Set off interest Steps 6 - 10
Set off a SAFE repayment against COTAX Steps 11- 13

Set off Income Tax or payment of Tax Credit amount

1. Use function VPPD (View Payment and Posting Details) to check the payment and postings record for the AP of the recipient company against which you intend to make the set off.

If a colleague has already made the set off there will be a payment posting 바카라 사이트˜PYT바카라 사이트™ shown in function VPPD with 바카라 사이트˜DSO바카라 사이트™ in the 바카라 사이트˜Notes바카라 사이트™ column.

2. If, exceptionally, the set off will make the AP of the recipient company overpaid, use function MAPS (Maintain AP Signals) and select 바카라 사이트˜Reallocations & Repayments바카라 사이트™ from the drop down menu for the Manual Inhibitions field on the recipient company바카라 사이트™s COTAX record.

You can not make a superseded AP overpaid.

3. Use function DSET (District Set Off) to set off the overpayment. Make sure that you:

  • enter the correct . See COM122010 for a table of Effective Dates of Payment
  • select the duty type being set off from the drop down menu for the Type of Set off field. Do not enter the duty against which you are making the set off in this field.
  • enter how you want the set off to be allocated. This is either specific amounts against tax, interest or penalties or automatically allocated according to the normal rules. See COM120020 for more information.

If you allocate the set off to tax, COTAX calculates any repayment interest that is due for the following duty types:

  • IT deducted at source
  • Construction Industry Scheme(CIS25/SC60) to 5 April 2002.

COTAX calculates any repayment interest that is due for the following duty types provided the EDP has been reached:

  • Research & Development Tax Credit
  • Land Remediation Tax Credit
  • tax credit.

4. Use function VPPD for the recipient company to check the results by looking for a 바카라 사이트˜PYT바카라 사이트™ posting endorsed 바카라 사이트˜DSO바카라 사이트™ in the 바카라 사이트˜Notes바카라 사이트™ column.

5. If you used function MAPS and selected 바카라 사이트˜Reallocations & Repayments바카라 사이트™ from the drop down menu for the Manual Inhibition field at step 3, use MAPS again to select 바카라 사이트˜None바카라 사이트™ from the drop down menu for the Manual Inhibitions field on the recipient company바카라 사이트™s COTAX record.

The repayment will not be issued for 14 days after you have used function DSET.

See COM122010 for guidance on DSET codes.

Set off interest

6. Use function VPPD to check the payment and postings record for the AP of the recipient company against which you intend to make the set off.
If a colleague has already made the set off you will see a payment posting 바카라 사이트˜PYT바카라 사이트™ in Function VPPD with 바카라 사이트˜DSO바카라 사이트™ in the 바카라 사이트˜Notes바카라 사이트™ column.

7. If the set off will make the receiving AP overpaid, use function MAPS (Maintain AP Signals) and select 바카라 사이트˜Reallocations & Repayments바카라 사이트™ from the drop down menu for the Manual Inhibitions field on the recipient company바카라 사이트™s COTAX record.

You can not make a superseded AP overpaid.

8. Use function DSET on the recipient company바카라 사이트™s COTAX record to set off interest. Make sure that you:

  • enter the EDP as 바카라 사이트˜today바카라 사이트™s바카라 사이트™ date
  • select 바카라 사이트˜Repayment Interest바카라 사이트™ or 바카라 사이트˜Repayment Supplement바카라 사이트™ as appropriate, as the duty type being set off from the drop down menu for the Type of Set off field
  • enter how you want the set off to be allocated. This is either specific amounts against tax, interest or penalties or automatically allocated according to the normal rules. See COM120020 for more information.

9. Use function VPPD on the recipient company바카라 사이트™s COTAX record to check the results by looking for a 바카라 사이트˜PYT바카라 사이트™ posting endorsed 바카라 사이트˜DSO바카라 사이트™ in the 바카라 사이트˜Notes바카라 사이트™ column.

10. If you used function MAPS to select 바카라 사이트˜Reallocations & Repayments바카라 사이트™ from the drop down menu for the Manual Inhibition field at step 8, use Function MAPS again to select 바카라 사이트˜None바카라 사이트™ from the drop down menu for the Manual Inhibition field on the recipient company바카라 사이트™s COTAX record.

The repayment will not be issued for 14 days after you have used function DSET.

Set off a SAFE repayment against COTAX

Complete a SAFE Repayments stencil (SAFE 1) and give it to your SAFE user who will set the 바카라 사이트˜No Repayment바카라 사이트™ signal on SAFE if necessary and send the form to the Miscellaneous Charges unit in Shipley.

You can find the SAFE 1 stencil at Excel > SEES > Forms and Letters > under the 바카라 사이트˜SAFE바카라 사이트™ category.

12. Complete the stencil in full and provide the following specific information.

  • Enter 바카라 사이트˜Repayment Set off바카라 사이트™ in the space given to provide the reason for your repayment.
  • Give full details of the reason for the overpayment and if appropriate details of any repayment supplement/interest that is due including the 바카라 사이트˜from바카라 사이트™ and 바카라 사이트˜to바카라 사이트™ dates in this space.
  • Enter the UTR, AP number and duty type of where the overpayment is to be allocated and the EDP to be given to the set off in the 바카라 사이트˜Repayment Nominee바카라 사이트™ box.

See COM122010 for a table of Effective Dates of Payments.

13. The Miscellaneous Charges unit will arrange to reallocate the set off to the COTAX charge using OAS.