The aim of this website is to inform you of how to claim your tax back. In today’s financial climate, most of us are finding it hard to meet all of our financial demands. We’ve got mortgage payments to make or rent to pay, bills that need to be paid on time, food to buy, clothes we need to replace, petrol to put in the car, to name but a few financial commitments most of us have.
We could all do with some extra money right now, but most of us work hard every day and when we get home, we just want to relax and perhaps watch some TV, or something similar, to help us unwind. We certainly don’t want to sit at home worrying about money all night and we don’t want to have to get a second job.
The question is, where do we find that extra money and, if it’s really out there, why isn’t everyone finding it?
Well, the chances are, if you work or have worked, you may be entitled to a tax refund, or rebate. It’s a little known statistic that 1 in 3 people are entitled to a tax refund and yet most people don’t even know it.
Imagine that… claiming tax back could apply to you and you may not even be aware of it.
Let’s be fair, it’s not HM Revenue & Customs’ job to tell you if you’re due some form of tax rebate. So, as you read this, there are currently millions of worth of unclaimed refunds just sat there waiting to be claimed. You could well be entitled to claim your tax back.
There are many reasons for having paid too much tax in the first place. It may be that you only worked for part of the year, or you may have started a new job and been on a temporary or emergency tax code, or unfortunately, you may have been made redundant. Whatever your particular circumstances are, if you’re entitled to a tax refund, why not claim it back?
If you want some help, please continue reading the information below.
HM Revenue & Customs, or HMRC, gives everyone a tax code that shows your employer how much tax should be deducted from your wages, prior to you getting paid. You can find your tax code on your P45, P2 or on your wages pay slip.
PAYE means Pay As You Earn and this is the system used by your employers to deduct the tax from your wages. If you think you’ve paid too much tax through PAYE and you’re entitled to a refund, or rebate, there is a way to claim it back.
There are a number of reasons that you may have paid too much tax:
-If you started a new job and therefore had an emergency or temporary tax code
-If your employer was using an incorrect tax code for you personally
-If you were only employed for part of the year
-If your circumstances changed, for example, if you were made redundant, you became self-employed, or you retired
-If you ceased to work and then didn’t get any taxable earnings or benefits for the remainder of the year
-If you had multiple jobs at the same time
-If you had other income reduced, for example, where an attempt was made to collect tax due on savings or rental income, via your PAYE code but the amount that was included in the code was too high
-If you took a pension by way of a lump sum instead of a small monthly amount, the rate of tax you pay on the lump sum could be higher than the basic rate of tax you pay over the year and therefore, could cause an over payment
-If you’re a student and only worked during holiday times and you didn’t submit the P38S form
So, how to claim your tax back?
As mentioned, it’s not the job of HMRC to inform you if you’re entitled to claim your tax back. It’s down to you to find out and the process can be quite time consuming and sometimes, difficult to understand.
Fortunately, help is at hand and there are now a number of companies out there that will offer your assistance for a small fee. It used to be the case, that some people weren’t comfortable paying someone else to do their work for them. There used to be the, I know best mentality. However, think of it this way… would you represent yourself in court if you needed to? Not likely. You’d want the best representation you could find.Find related information at http://www.bloomberg.com/news/articles/2016-10-25/corporate-tax-back-on-eu-agenda-with-new-push-for-common-base
Nowadays, it’s perfectly normal for people to seek assistance from professional claims companies. Perhaps better to have the majority percentage of something, than all of nothing.