Tax Rebates & Refunds

Claim tax back after you stop working

June 18, 2010
Posted in Tax Rebates — Written by Chris

Due to early retirement and redundancy, many people have stopped working within the past few years. If you are one of those who has stopped working at any point over the past six years, you could be eligible to claim a tax rebate from HMRC.

What you need to know

As we have stated above, if you have stopped working within the past six years, you should check whether you are eligible for a tax refund. However, if you have not been working during the current tax year, you will have to wait till the end of the tax year before you can submit a claim.

How to check the tax refund amount you can get

On your last working day, your employer may have provided you with a P45. The P45 contains all the detailed information about your earnings and tax paid for the financial year. By putting these figures into the tax calculator, you can get the tax refund you are eligible for. However, if you have lost your P45, you need to get a ‘Statement of Earnings’ from your previous employer.

How much tax can you claim back?

The tax refund you can get depends on your earning and the tax paid by you. Sometimes, you can even claim tax back for what you have paid during the year you stopped working. Using a tax calculator, you can get an estimate of the tax refund you are likely get.

By knowing the above things, you can simplify the process to apply for tax rebate.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment