Tax Rebates & Refunds

Want to claim back overpaid tax?

March 28, 2011
Posted in Tax Rebates — Written by Jennifer

Every year, almost one in three people overpay taxes. Tax overpayments can occur for many different reasons. You can use a tax refund calculator to determine the amount of overpaid taxes, if any.

Different reasons why you may be due to a tax rebate in the UK

• Wrong tax deducted by your company
• You were put on a wrong tax code by the HMRC
• You were unemployed for a considerable period of time
• You worked for more than one employer at a time

A tax refund can also be claimed after leaving the UK. As not many people know the tax refund procedure, thousands of pounds goes unclaimed every year.

Know more about the UK tax refund procedure

Employees pay taxes based on the amount they earn. The employer subtracts the tax from the gross pay of the employees and pays it to the HMRC. If your employer has deducted an excessive amount of tax, you can submit a claim for tax repayment.

It usually takes about 6-8 weeks for the HMRC to either issue a cheque or deposit the money in your bank account. To claim tax back, you need to submit a copy of either:

• A P60
• Or a P45
• Or statement of earnings

If you receive any taxable benefits you will need to submit a P11. The amount of tax refund one receives differs from one situation to situation. If you are confused by the tax refund procedure, it is wise to opt for professional help.

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