Tax Rebates & Refunds

Read the following tips when claiming tax back

October 13, 2010
Posted in Tax Rebates — Written by Chris

If you have paid extra income tax this year then you must claim for tax back as soon as possible. Every year, many individuals overpay on income tax due to several reasons such as:

• Leaving the country
• Including the wrong tax code
• Being on a BR Tax code
• Working part time while studying

How to calculate tax rebates

If you want to calculate how much extra income tax you have paid then you have to go through the information printed in P60. This form contains details about your income and tax paid. You will receive P60 at the end of financial year (April or May) from your employer.

How to claim for a tax refund

Once you have decided to apply for tax rebates then you must fill the application form and attach several forms such as the P60, P45, P86, P91 and P85. Place all these forms in a covering letter and send them to the local tax office.

When you should apply for tax rebates

If you want to apply for tax rebates then you have to wait till the end of the financial or tax year. If you are leaving the UK then you can even claim in the middle of the year. After applying for tax refund, you have to wait for 4-8 weeks to receive the tax refund. The time consumed by the whole procedure depends on your documents and application.

As the tax refund procedure is complicated and involves a number of documents, it is recommended to hire a tax consultant who will speed up the process.

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