Tax Rebates & Refunds

WARNING: Incorrectly claiming a tax rebate could cost you

April 14, 2010
Posted in Income Tax — Written by The Tax Repayment Agency

Did you know that if you incorrectly claim for an income tax rebate you could end up paying a penalty and actually owing the tax man, rather than receiving your rebate?

That’s what happened to one man, as outlined in this story in The Times today.

The taxpayer tried to reclaim £3,000 he thought he had overpaid in the 2009/2010 tax year but he got his sums wrong.

HM Revenue & Customs actually worked out he was only owed £1,000 – and subsequently fined him £1,400 for his error!

New penalty regulations mean HMRC can fine taxpayers up to 30 per cent of tax owed for careless mistakes and up to 100 per cent for errors that it believes were deliberate and it also applies to those trying to claim a rebate.

Claiming an income tax refund can be complicated and it underlines the need to have an advisor help you so your calculations are correct. The Tax Repayment Agency can do just that, so if you think you may be owed a tax refund then let us do the hard work for you.

Download a tax rebate claim form here or contact us here and we will ensure you get your full refund AND avoid a hefty fine for what would be an honest mistake.

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