Tax Rebates & Refunds

Knowing more about UK tax refunds

May 18, 2011
Posted in Tax Rebates — Written by Geoffrey

Many people in the UK end up paying too much tax due to many different reasons. Thus, it is important to determine whether you are paying the proper amount of tax.

Whether you get a company pension and you are an employee, your pension provider or employer will use a tax code. This will help them determine the amount of tax that needs to be deducted from your wages. In case the tax code mentioned on your pay slip is incorrect, there is a high chance wherein you might pay more in terms of tax.

Your tax code can be found on:

• Your PAYE notice
• Your pay slip
• Form P45
• Form P60

The PAYE coding notice is usually given two months prior to the beginning of the tax year. You may even get a PAYE coding notice if your circumstances have changed. While the P60 document is mostly given by the end of every financial year, the P45 is provided after you quit your job.

Different numbers and letters are used to make up a tax code. This is quite important, especially if you have one or more sources of income or jobs. If the tax code mentioned on the wage slip is incorrect you should immediately notify your employer or local tax office. You can even fill the application to get the full tax refund on the tax overpaid.

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