Tax Rebates & Refunds

Use a tax refund calculator to work out the tax rebate amount

June 21, 2011
Posted in Income Tax, Tax Rebates — Written by Chris

When you live, work and earn money in the UK, you are expected to pay your income tax every month. The amount of tax you pay completely depends on how much you earn. In case there is an overpayment of taxes, you can claim this tax back from HMRC. It is always recommended to check whether or not you are due a tax rebate.

There are different situations wherein you may end up paying excess tax. Some of these are listed below:

• If you were employed for only half of the tax year
• If you were operating under an emergency tax code
• An excessive amount of money is being deducted from your pension.

If any of the above conditions hold true, there is a high chance that you may be due a tax rebate from HMRC. The amount of tax refund will depend on your earnings for the tax year and the tax deducted.

To calculate your tax refund amount, it is best to use a tax refund calculator. At the end of every year, your employer will provide you with a P60 tax document. On the other hand, if you quit your job, you will be given a P45. Both the P45 and P60 forms have details about your earnings and tax deducted. Entering these figures into a tax refund calculator, you will come to know about the tax refund amount you are entitled to receive from HMRC.

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