Tax Rebates & Refunds

Tips on how to claim tax back

May 20, 2011
Posted in Tax Rebates — Written by Geoffrey

With the onset of recession, saving money has become the prerogative for many people. Our financial commitments like paying bills and buying clothes and food requires a constant stream of income. One method of getting some of this hard earned cash back if applying for a tax rebate.

What is a tax rebate?

Every individual who has worked and paid taxes is entitled to a tax rebate. The excess tax paid by you and returned to you by the government, is called a tax rebate. There are a lot of reasons why you may pay too much tax. Working for only a part of the year or starting a new job are two of the common reasons.

How do you claim this tax back?

The HMRC gives every tax payer a tax code that shows your employer how much tax you as an employee are entitled to pay. The tax should be deducted from your pay before you get paid. The tax code is printed on your P45, P2 and your salary slips. The Pay As You Earn or PAYE system is used by your employer to deduct tax from your salary.

You can ask for help from an experienced professional to ensure that you do not have any complications when you claim your tax back. You should organise all the required documents prior to filing a claim. Fill in all the details correctly and legibly. Any errors can stop you getting a tax refund.

You should always submit the documents and forms on time when you claim your tax back. Delays in submission can lead to certain complications.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment