Are You Due A Tax Refund?

HMRC has a guidance that lets you know if you are due and tax refund and how to claim that refund. According to HMRC you may be able to claim a refund if you:

are employed and had too much tax taken from your pay;

have stopped work;

sent a tax return and paid too much tax;

have paid too much tax on pension payments;

bought a life annuity.

You may also be able to reclaim tax if:

you have spent money on your job such as fuel costs or work clothing

paid tax on savings interest

you have income in one country and live in another.

Claims can be backdated for up to four years after the end of the tax year. Therefore, claims on overpaid tax for the financial year ending 5 April 2015 can still be made until 5 April 2019

Making a claim depends on a number of factors. For example, the annual reconciliation of PAYE for the tax year 2017-18 is under way. HMRC use salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC use the P800 form to inform taxpayers. HMRC expects to send all P800 forms by the end of September 2018 for those due a refund. The P800 will tell you how to apply for a refund or how to pay any tax underpaid.

It is also possible to make a claim for overpaid tax during the current tax year, if for example you are made redundant or are leaving the UK to live abroad.

If you need any assistance in making a claim for overpaid tax, please do not hesitate to contact us.

Posted by Cassey Nixon on

28th June 2018

Categories

  • Statutory payment rates for the tax year 2019/20

    The following statutory payment rates have been confirmed: The standard weekly rates of Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (ShPP) will increase from £145.18 to £148.68 from 01 April 2019. The weekly rate of Statutory Sick Pay (SSP) will increase from £92.05 to £94.25 from 06 April 2019 […]

  • Cycle to work schemes

    There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly mode of transport. Employers of all sizes across the public, private and voluntary sectors […]