Tax Rebates & Refunds

Claim tax back – get back your overpaid taxes

August 13, 2010
Posted in Tax Rebates — Written by Geoffrey

It is your right to get money back if you have overpaid tax. Many people are unaware of this fact.

You may be due a tax refund if:

• Your total income during a financial year is less than the threshold
• You are put on emergency tax or taxed with the wrong tax code
• You quit your job before the end of financial year

If you think you have overpaid taxes, you are entitled to claim them back. In order to reclaim overpaid taxes, you need three important documents. Two of these documents will be provided by the payroll department of your employer whereas the third will be the declaration of departure to the Inland Revenue.

P60 – At the end of every financial year your employer will provide you with a P60. This document will show all details about your earnings and the tax deducted during a financial year.

P45 – This document is given by the employer when you end your employment with the company due to redundancy or voluntarily. Similar to the P60, the P45 also has all details about your earnings and the taxes you have paid from the beginning to the end of the financial year.

P85 – If you are planning to leave the UK permanently, you need to inform the Inland Revenue via a P85 form. After you submit the P85, the Inland Revenue will advise you on whether or not, you can claim for a tax rebate.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment