Tax Rebates & Refunds

Tax rebates – eliminate your financial problems with some extra cash

December 20, 2010
Posted in Tax Rebates — Written by Chris

Many people are unaware of the tax refund process and end up not claiming when they are entitled to do so.

A tax rebate can be considered a refund for taxes that you have overpaid over the course of the financial year. If you have paid emergency tax, changed jobs or spent some time unemployed then you might be owed a tax rebate. The amount is refunded to the individual at the end of the financial year. However, it should be noted that you will need to provide proof of the total amount you earned in the financial year.

It is extremely important to provide appropriate documents that state your yearly income. These include your P45 and P60. These forms need to be attached along with the tax rebate form and sent to HMRC or your local tax office. If you are unsure about the whole process, it is best to speak to a financial advisor. Ideally, a P45 or a P60 will be provided by your employer. In the event that you have misplaced your P45 or P60, you can also provide a ‘statement of earnings’ as proof of your yearly income and the taxes paid. This form is also available from your employer.

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