Tax Rebates & Refunds

Tax rebates following voluntary and involuntary redundancies

November 26, 2011
Posted in Tax Rebates — Written by Chris

It is important to know what your options are when you are made redundant in terms of making the adjustment easier. Even if you are taking voluntary redundancy, the likelihood is that you will be out of work for a portion of time. You need to make preparations for this period by sorting out your finances.

Being out of work necessarily involves a change in your tax code. You need to settle things with the tax man so that you can straighten everything out with regard to the tax you have paid for the year. In many cases, you will have paid a bit too much and you are entitled to receive the sum of the overestimation as a refund.

Tax refunds are common when working circumstances change in this manner and they obviously represent a very welcome boost. Often, tax rebates represent a useful bit of cash that you can put towards living costs or anything else when you are between jobs. They tend to take the pressure off and they also square everything with the HMRC so there is no confusion about where you stand.

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