Tax Rebates & Refunds

Important things you must know about your tax rebate

November 24, 2010
Posted in Tax Rebates — Written by Jennifer

Every year, millions of pounds remain unclaimed in the form of tax rebates. This is mainly because not many people in the UK are aware about the tax rebate process. There is a popular misconception among people that the taxman will help them in correcting the overpayment of taxes that they have made.

Due to a number of different reasons, UK taxpayers can overpay on their taxes. This can be because they were put on a wrong tax code, because they had two jobs, or possibly because they only worked for half of the year.

You can even be due a tax rebate if you are leaving the UK for more than six months. No matter what your case is, if you live and earn in the UK and pay your taxes regularly, there is the chance wherein you may be due a tax rebate from HMRC.

How much of a tax rebate can you get?

The amount of tax refund you can get completely depends on different factors like your earnings and the taxes you paid during a financial year. The P45 and P60 are important tax documents that can help you determine the amount of tax you are due to get from HMRC.

While a P45 is given by the employer after you leave your employment, the P60 is given by the end of every tax year. Both documents have the details about your taxes paid and your earnings. Putting these values in a tax refund calculator you can come to know the tax rebate amount you are eligible to get from HMRC.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment