Tax Rebates & Refunds

Tax rebate UK – A look at different tax documents

February 22, 2011
Posted in Income Tax — Written by Geoffrey

Most UK residents are unaware of the tax refund procedure. In fact, many people are unaware that they might have overpaid taxes. Even though people are aware of tax overpayment, some do not claim tax back. Due to lack of knowledge, many people are unaware they have overpaid taxes.

If you feel that you have paid excess tax during a financial year, you should gain some knowledge about the tax rebate procedure. To start with, you should take a look at your wage slip. Enter your earnings and paid taxes into a tax refund calculator. This will give you a better idea about the amount of tax refund you will be eligible to receive from the HMRC.

Important documents when claiming a tax refund:

When applying for a tax rebate, your P45, P60 and P85 are important tax documents. All these documents are important for claiming back overpaid taxes. While a P60 or P45 will be given to you by your employer, a P85 is the declaration of departure given to the Inland Revenue.

P45

This is a tax document that your employer will provide you with when you are made redundant or when you leave your employment. It will have all the details about your wages and taxes paid during a fiscal year.

P60

A P60 is usually given at the end of the financial year. Similar to a P45, a P60 also shows your earnings and tax deducted for the tax year.

P85
If you are planning to leave the UK, the P85 is an important document. When you give the Inland Revenue the P85 they will review the details. After reviewing all the details, they will advise you on whether or not you should complete a tax return.

Knowing the above things, you can make the right move when claiming back overpaid tax.

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