Tax Rebates & Refunds

Planning to work in the UK? Refer to the tips mentioned below for an easy tax rebate

January 8, 2011
Posted in Income Tax — Written by Geoffrey

It is important to understand the ways and methods of claiming tax rebates in countries where you plan to work. These steps are necessary to ensure that you do not end up losing money.

What are tax rebates?

The government of the United Kingdom collects some of the money from your salary as tax. If you are new to the country you will most likely be put on an ‘Emergency Tax’ code. This is until the HMRC can work out how much tax you should be paying. Any overpaid tax can be reclaimed at the end of a financial year. Claming for this amount back is commonly known as a tax rebate.

PAYE and self-employed tax

The moment you start working in the United Kingdom, you have to pay taxes, either as PAYE or as a self-employed individual, such as a business owner.

PAYE: If you are PAYE, your employer will generally deduct the tax from your salary. You will be given the statements of the tax collected by post or the total amount collected will be mentioned in the pay slip.
Self employed: In case you are self employed, you have to pay your own taxes. You will need to fill out self-assessment forms and submit them with appropriate proof of earnings to the HMRC or the local tax office.

Easy tax rebates

If you are looking for easy ways to claim tax rebates, you can use online tax calculators to determine the amount of tax owed to you. Fill out the tax forms appropriately and ensure that you submit all the necessary documents. Your claim is likely to be rejected if you do not provide appropriate proof of earnings.
If you are planning to get your rebates through a tax company, it is recommended that you opt for:

• An HMRC registered company
• A guaranteed tax return company with a ‘no claim, no fee’ policy

Refer to the above mentioned guidelines and enjoy your tax rebate.

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