Tax Rebates & Refunds

Are you paying extra tax?

May 23, 2011
Posted in Tax Rebates — Written by Geoffrey

Do you think that you have made some mistake on the self-assessment tax return form? Have you paid the wrong amount in income tax? If the answer is yes, you must look to get it sorted as soon as possible.

Some reasons why people end up paying an excess of tax

You may end up making a tax overpayment due to the following reasons –

• You were put on an emergency tax code
• Wrong tax code mentioned by your employer
• You left your job halfway through the tax year
• You had one or more jobs during the tax year
• You failed to inform the HMRC about benefits you get through your job
• You became self employed

Irrespective of the situation, you will ultimately end up paying more tax than required.

What if too much tax is paid through a company pension or employment?

According to HMRC, the overpayment of taxes is known as repayment. If you have overpaid on taxes, you can claim tax back at the end of the current tax year. After you contact your local tax office, they will inform you about the paperwork you need to send. In case you require a new tax code, the refund will be added to your pension or wages.

How to claim tax refunds for previous tax years

When looking to claim tax back for tax years in the past, you will need the paperwork including the P45 and P60 forms, pay slips and details about your employment as well as any employee benefits.

After you have provided the tax documents required, the HMRC will work out on the excess tax you paid. You will get the tax refund by bank transfer or through the post.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment