Tax Rebates & Refunds

What you need to know about a P60 tax rebate

July 11, 2010
Posted in Tax Rebates — Written by Geoffrey

The P45 and P60 refer to tax forms that you receive from your employer. The P60 form is generally issued during the end of tax year. On the other hand, the P45 form is issued when you leave a company prior to the end of the tax year. If you are working and residing in the UK and regularly pay your taxes, you become eligible for a tax free allowance.

When claiming for a tax rebate, having a P45 or P60 form would give you a clear idea about the actual income you earned and the tax already deducted. The way the PAYE (pay as you earn) tax system works is quite accurate for simple situations. However, it does not handle things which are a bit out of the ordinary.

What if you quit your job halfway through the year?

Quite often, when you leave your job halfway through the tax year, you will not have completed a year’s worth of personal allowance to be used against your income. This mostly happens if you leave the UK prior to the end of the tax year.

If you do not resume your employment in the UK, even when staying in the UK, you will likely be due a tax rebate. This can simply be if you have been a foreign student working between terms. You can also be eligible for a tax rebate if you start the employment halfway through the tax year. If you want to claim for a tax rebate, requesting professional help can ease the entire process.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment