Tax Rebates & Refunds

Tax refunds in light of a halt in your career

September 13, 2011
Posted in Tax Rebates — Written by Chris

When your working circumstances change, you must remember that the circumstances surrounding the tax you pay for the year will also change. For instance, if you are working a full time job at the start of the tax year, but for some reason you step things down to a part time position or you stop working altogether then you will not be entitled to pay as much tax.

It doesn’t matter why you have chosen to stop working full time – you are still entitled to look at the tax you have already paid and assess it to see if you ought to claim for a tax rebate. Tax refunds are available for people who stop working because of the way the tax we all pay is figured out by the HMRC.

Monthly wages are subject to a monthly tax payment that is reckoned from the yearly salary they amount to. Clearly, if you stop working, your year’s salary will drop dramatically and the tax you have already paid may actually cover the entire tax year for your new circumstances and income. In this case, you should secure a tax refund to cover the difference.

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