Tax Rebates & Refunds

Tips to a claim tax refund after you stop working

April 1, 2011
Posted in Tax Rebates — Written by Chris

If you are a student and have recently stopped working, you are eligible to claim tax refunds. The reason for you to stop working might include impending retirement, re-opening of college following a holiday and/or redundancy.

The following guide explains as to when you will be due for an Income Tax return and also the various ways to claim it.

When are you due for a tax refund?

It should be noted that a fiscal year starts from the 6th of April and ends on the 5th of April, the following year. If you stop working mid-way through the financial year, you might have ended up paying too much tax. This is applicable only if you are paying taxes through the PAYE system (Pay As You Earn). Some of the other factors that will enable you to apply for tax rebates are mentioned below.

  • Your employer was using the wrong tax code when you were working
  • Your position was made redundant and you could not find another job
  • You worked during holidays when your college/university was closed
  • You retired mid-way through the financial year

If you are self-employed, you will need to pay your taxes on your own. Calculate the taxes you owe to the HMRC with the help of online tax calculators and ensure that you file for your returns on time to avoid penalties.

Claiming tax refund if you were previously employed

If you were previously employed and want to file for returns, you will need to fill the P45 and P60 tax forms. Generally, these tax forms will be provided to you by your employer. Fill the tax forms appropriately and provide the HMRC with your proof of earnings. This includes your pay slip and/or a salary certificate from your employer.

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