Tax Rebates & Refunds

Tax refund advice for self-assessment candidates

August 12, 2012
Posted in Income Tax, Tax Rebates — Written by Geoffrey

There is a relatively straightforward procedure to follow to claim tax refunds when you’ve overpaid through your job, but it can be a little trickier if you are self-employed.

If you handle your own tax affairs through the HMRC’s self-assessment scheme and you think you may have overpaid for some reason, you can claim the money back. However, there are certain things you need to know:

• You have 12 months (from January 31st after the end of the tax year) to correct any mistakes you may have made on your self-assessment form

• The only way to correct mistakes after this 12 month period is to prove that you received your tax return late

• If the 12 month period has passed, you can’t amend your tax return and you’ll need to apply to the HMRC for a tax refund in writing

• To correct your tax return, you can amend it online or write to the HMRC, attaching the pages of the self-assessment form you want to change and marking them ‘amendment’.

• If you think you are owed a tax refund, you’ll need to let the HMRC know whether you want it paid to your bank account, by cheque or deducted from your next self-assessment statement

• You can choose to get tax refunds deducted from your next statement if a payment is due shortly or your refund is less than £10.00.

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