Tax Rebates & Refunds

Have you lost your P45? Here is what you need to know

July 31, 2011
Posted in Income Tax — Written by Chris

When applying for a tax rebate, the P45 and P60 forms are important tax documents you need to submit. These documents play a crucial role in claiming a tax rebate as they contain all the information about your income and the tax deducted. All you need to do is simply enter these values into a tax refund calculator. It will display the approximate amount of tax that you can claim back.

What a P45 is and its importance

A P45 is a tax document that is given by an employer after you quit a job. At the time you begin a new job, you will be required to provide this document to your new employer. A P45 is important as it lets the new employer know about the tax code you need to be put on. However, if you fail to provide a P45, there is the possibility wherein you may be put on an emergency tax code. Due to this, you may end up paying excess tax.

What if a P45 is not given by the employer?

In case your employer did not give you a P45 or if you misplace it, you can ask the employer for a statement of earnings. It is a replacement document and contains the same information that is available on a P45. Before claiming for a tax refund, it is important to know about the refund procedure. If you are confused about the procedure, do not hesitate to opt for help from professionals.

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