Tax Rebates & Refunds

A guide to claiming tax rebates

February 24, 2011
Posted in Tax Rebates — Written by Geoffrey

Tax rebates are given to those people who have overpaid on their taxes during a financial year. It is handled by the Inland Revenue department. Certain procedures have to be followed while claiming your tax rebates. Let us look at reasons as to why people pay additional taxes.

Temporary tax code numbers

When a person quits his former employer and joins a new business, they are given an emergency or temporary tax code number for income tax filing purposes. Sometimes an employee is taxed on both codes. Therefore, they end up paying double the amount of tax for a financial year.

Other reasons

Some other reasons why a person ends up paying additional tax are holding multiple jobs, retiring mid-way during a financial year, redundant employees and even employees who quit work to be self employed. Tax overpayment also occurs when a person takes a pension in full instead of instalments.

How to claim tax rebates

You first have to fill a tax form given by the IR. This form will include financial details, tax paid for a financial year and personal details. The form will have an option as to how you would want your claims to be paid. This may be through cheque or via a bank transfer. Along with the form, an individual will have to submit the P60 and the P45. On most occasions, individuals get tax consultants to help them with their tax filings.

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