Tax rebate is actually a refund of taxes when the tax liability is below the actual tax paid. Tax payers can often get a refund on their income tax when the tax they owe is less than the total amount of estimated and withstanding taxes. Depending on how much you have earned and the amount of tax you paid during the financial year, this will help to determine the tax rebate you are eligible to receive.
Criterion for getting a tax refund:
There are numerous reasons why you may be eligible to get tax refund including;
• You are working part-time
• Working and studying at the same time
• Leaving the UK
• Earning less than the tax free allowance
• You are being put on an emergency tax code
Many people wonder whether a tax refund can affect their work permit. However, claiming tax back does not affect your eligibility of working in the UK. When you claim for a tax refund, you will simply be claiming for the overpayment of tax, which is lawfully yours.
Claiming tax back after losing your job
Not many people realise that they can claim for a tax rebate after they lose their job. Irrespective of whether you were made redundant or made to leave the company, you can still claim tax back. However, the amount of the refund will depend on your earning and the tax you paid during the financial year. If you feel you have overpaid your taxes, you can claim for a tax rebate.
