Tax Rebates & Refunds

The new tax year looms – are you ready for it?

March 24, 2013
Posted in Other Tax, Tax Rebates — Written by Geoffrey

On April 5th 2013, the old tax year will end and a new one will begin. Whilst this means a very busy period for HM Revenue & Customs (HMRC), the department which handles income tax, tax returns and tax rebate claims, you may not think that the start of the new tax year means anything to you.

In fact, there are a couple of things you should be doing when the old tax year finishes and the new one starts. These include:

1. Checking to see if you are owed a tax rebate. If you are employed, you may be due to a tax rebate if you didn’t work the whole year or you dropped to part-time for a period, or if you were on the wrong tax code. HMRC may get in touch with you about a tax refund, but it doesn’t hurt to make your own enquiries in the meantime.

2. Getting your records and accounts in order. If you are self-employed or you run your own business, the start of the new tax year means getting your accounts and records in order ready to complete your tax return for last year.

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