Tax Rebates & Refunds

Reclaiming PAYE overpayments – Things you need to know?

January 23, 2011
Posted in Tax Rebates — Written by Chris

Every year, millions of people across the UK overpay their taxes. There can be many reasons for tax overpayment. But, irrespective of the reason, it is important to understand the tax rebate procedure.

If you believe that you have overpaid your taxes, you need to look at some documentation to find out. Your P60 and P45 are two important tax documents. While a P45 is given to you when you leave your job, a P60 is given at the end of a tax year. Both these documents are important when claiming tax back as they include details about your earnings and taxes paid for the financial year. When you have these details, you just need to enter the values into a tax refund calculator. Doing this, you will know the amount of tax you have overpaid. This will also help you to determine how much tax you can claim back.

How can you claim tax back without a P45 / P60?

As the P60 and P45 are important tax documents you must keep them safe. In case you have lost these documents however, a statement of earnings from your employer will serve as a perfect replacement. You just need to ask your former employer to provide you with this.

The tax refund procedure usually takes between 3 and 4 weeks, depending on the workload that income tax department has.

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