Tax Rebates & Refunds

Tax refunds – Are you on the right tax code

March 29, 2011
Posted in Tax Rebates — Written by Geoffrey

For a lot of people the taxation and tax refund procedure can be quite confusing. In fact, many people ask themselves whether or not they are paying the right amount of tax. Some people also get confused in determining their tax code. However, this is quite simple.

When working for an employer, you will get a wage slip every month. On this slip, all details about your monthly income, paid taxes and the tax code are available. If you feel that you have made an overpayment of taxes, you can enter these details in a tax rebate calculator. Doing this, you can easily know about the amount of tax rebate you are eligible to receive from the HMRC.

What if you have a wrong tax code?

If the tax code mentioned on your payslip is incorrect, you should contact your local tax office right away. You can visit the HMRC website to look for the name of your local tax office. The HMRC usually sends tax documents sometime in January or February. They might also send it at other times, for instance:

• You started a new source of income
• You started receiving a new company benefit
• If your entitlement is age-related

It is better to contact your employer prior to the payroll process. If you are required to submit any documents, ensure that you do it as soon as possible. This way you can ensure that the employer does not put you on the wrong tax code. It will also help to ensure that you do not end up paying excess taxes.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment