Tax Rebates & Refunds

Planning to apply for tax rebates? Read the following tips

August 15, 2010
Posted in Tax Rebates — Written by Chris

If you are a regular tax payer then there may be a chance that you have overpaid tax. It has been observed that more than 33% of UK employees pay extra income tax every year. To know whether you have paid more or not, you can use a tax rebate calculator.

There are various reasons why you might be eligible for tax rebates. They include:

• Unemployment
• Retirement
• Working as a student
• Leaving the country
• Emergency tax code

By referring to your P60, you can easily know how much you have earned and paid as income tax. All employees get a P60 at the end of the financial year, which is April 5th. If you have lost your P60 then you can easily get a replacement document which is known as a ‘statement of earnings’. Make sure that this statement is printed on company paper.

Many people have a misconceptions that they can only claim for one year but this is not true – you can claim a tax rebate for any of the last six financial years.

How to apply for a tax refund or tax rebate

Once you are ready with a P45, P60 or statement of earnings then attach it with the tax refund application. Make sure that these documents are in a cover letter which has information related to your income tax. Send your application form to the local tax office. The tax office will process your application and issue you a rebate cheque within 30-45days.

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