Tax rebates or refunds are given to an individual if he/she has paid extra tax to the government during a specific tax year.
If you lost your job before the end of the financial year then you are entitled to receive tax rebates. Even people who have paid tax with the wrong tax code are eligible to get tax refunds and rebates. To calculate the amount of your tax rebates, you can use a rebate calculator and enter the tax year. There are tax consultants who will help you in claiming tax back.
If you have decided to claim for tax rebates then you must know a few facts about the tax rebates.
When can you claim for tax rebates?
You can claim for tax back at the end of the current financial year. But if you are leaving the UK and you will not return before the end of the financial year, then you can claim for tax rebates before the year ends.
How much can you claim?
The amount of tax rebates completely depends on your yearly earnings and tax payments. If you earn less than the decided tax threshold then you can receive full payment. If your earnings are more than the tax threshold, in such a situation the tax refunds will depend on your tax code, tax paid and time of employment.
It would be advisable to hire a professional to help you to complete the process of claiming tax rebates.
