Tax Rebates & Refunds

Some pointers to ensure you pay the correct tax amount

March 30, 2011
Posted in Income Tax — Written by Jennifer

There are times when one ends up paying too little or more tax than they should. One of the possibilities can be that they are completely unaware of it. What can be done in such a scenario? Well it is necessary to be rightly informed about the how much tax one has to pay and also if they are paying the accurate amount.

Be sure the tax code you are given is correct

It is crucial to know your tax code, as the amount of tax you pay is determined by the numbers and letter that make up the code. The tax code can be checked on your pay slip, PAYE coding notice, the P60 and P45 forms.

Keep a record of all necessary documents

For you to be sure the tax you are paying is precise, keep all the vital documents at hand. It is essential to keep all bank statements, pay slips, payment invoices and dividend vouchers. These are required if you are questioned by the tax office or have to re-check if you are paying the correct amount.

Inform the Tax Office about any significant changes to your income

On your part you are required to inform the tax office about any possible changes in your circumstances like having a second source of income, entering into marriage or any civil partnership, getting State pension, becoming self-employed or stop being employed.

To ensure you are paying the correct amount start by following these simple chores.

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