Tax Rebates & Refunds

The importance of tax refunds

July 27, 2011
Posted in Tax Rebates — Written by Jennifer

Paying tax is a duty from which most people cringe. It is however a must under the law and you should abide by it. As a tax-paying citizen it is your right to inquire about your tax refunds as well. When you pay extra money as tax, the money returned is called a tax refund. You need to constantly be updated on the whereabouts of your tax refunds so that you can get the compensation at the earliest opportunity.

What happens to the unclaimed tax?

Unclaimed tax refunds are usually kept in the HMRC department, waiting to be claimed. Your tax money is used to provide a better infrastructure to the country. The excess money received is however yours to claim.

Every employee is issued a unique code based on which the tax is deducted from your wages. As people working in private firms, you are generally unaware of how much tax is actually expected from you and how much of it is paid to the HMRC. You will need to keep a check on your tax refund as the government will not always inform you about it.

Ask a tax advisor to help you configure how much tax has been paid by you. Fill the form carefully and ensure that there are no errors. Submit all the documents on time. Organise your payment slips along with the expenses. You can use the tax refund however you wish. Spend it on a luxury holiday or save it for a secure future; the choice is yours.

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