Tax Rebates & Refunds

There is no advantage to being in credit with the HMRC

July 25, 2012
Posted in Tax Rebates — Written by Chris

It can come as quite a blow to learn that you have been paying tax above and beyond the call of duty. Any tax that you pay to the HMRC or that is collected out of your wages that results in a total tax payment over the stipulations of your earnings and circumstances can be seen as credit. You are effectively in credit with the HMRC. However, there is no advantage to being in credit with the HMRC.

There is much greater advantage in straightening the problem out so that it never happens again. There is also greater advantage in claiming back the tax that has come out of your pocket and gone into the coffers of the tax man when it belongs in your bank account instead. The advantages are obvious.

Claiming tax back restores parity to the arrangement between you and the tax man. It also gives your case the benefit of a closer look by professionals so you can be sure everything is above board. On top of that, you will get a lump sum of cash as a refund that you can direct as you please.

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