Tax Rebates & Refunds

Tax refunds to reclaim your overpaid income tax

September 13, 2010
Posted in Tax Rebates, Uncategorized — Written by Chris

Each year, thousands of people pay more income tax than they should have done, and this money can often go unclaimed. If you live and work in the United Kingdom, and pay a regular income tax amount, you may be entitled to a tax rebate.

There are a number of different ways that you can be eligible for this rebate on your taxes. Some of the more common situations are described below.

If you did not work for the full tax year but have paid tax then this means you may be in a position to claim it back. Other instances include; changing your job and being put on an emergency tax code, having more than one job at a time, taking a break during your employment or between roles, or working for yourself.

In order to calculate any tax that you might be due it is necessary to take stock of your situation. For instance, if you are a student you will still be required to pay tax, although it is more likely that you have remained within your tax free allowance.

The main issue that determines whether you are entitled to a tax refund is your total income amount and how much tax you have paid during a particular tax year. This income takes into account things like Jobseeker’s Allowance when unemployed, plus any pensions or other benefits you might have.

Therefore, you will need to calculate whether you are due a tax rebate by considering all of the above. This can be achieved by the use of a tax calculator or you may wish to speak to the experts about any rebate you may be entitled to.

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