Tax Rebates & Refunds

How to determine whether you are due a tax refund

December 25, 2010
Posted in Tax Rebates — Written by Geoffrey

A tax rebate can be considered a refund of taxes that have been overpaid. Individuals may overpay their taxes due to many different reasons.

Who can claim tax back?

Everyone who has overpaid their income tax can claim a tax rebate. Below are some reasons why you may be due a refund

• Being put on an emergency tax code
• Leaving the UK
• Unemployment mid-year
• Retiring from work
• Working as a student and earning less than the tax free allowance

If you have been working in the same company for more than a year, you may not be due a tax rebate. However, you can still check your P60 to know the amount of tax you paid and your income. Use a tax rebate calculator and enter the values of your earnings and taxes paid and you can then find out the amount you are entitled to get back.

If you have lost your P45 or P60, you can ask your former or present employer for a ‘statement of earnings’. This document will show the same details as a P45 or P60 and serves as a replacement when claiming.

If you think that you have paid too much tax, you can try and claim it back. Remember, while you can claim for a tax refund on your own, it is recommended to hire professionals as they have the much required expertise and experience in the field.

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