Tax Rebates & Refunds

Claim tax back – all you need to know about tax rebates

November 22, 2010
Posted in Tax Rebates — Written by Jennifer

Many people in the UK know that they have overpaid their taxes, but are unable to prove it due to a lost P60 or P45. In most cases, people are unaware about the tax rebate procedure. A P45 is an important document that has every detail about your earnings and the taxes you pay every year.

A P45 is an important tax certificate that your employer will provide you after you stop working for them. On the other hand, a P60 is similar to a P45. The only difference is that it shows your income and tax information of the year to date. It is actually an annual tax statement that your employer will provide you by the end of every tax year (April 5th).

What if you have lost your P45 or P60?

As P45 and P60 are important tax documents, you will not be able to claim tax back without these documents. In case you have lost your P45 or P60, you can ask your employer for a “statement of earnings”. This is an adequate replacement for your P45 or P60. This also has the same details as on your P60 or P45.

How much of the tax can you reclaim?

The amount of overpaid tax you can claim back depends on your earnings and the taxes you paid during a tax year. Entering these values in a tax rebate calculator, you will get to know the amount of tax refund you are eligible to receive from HMRC.

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