Tax Refund
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Tax Refund
There are many different reasons why you might be entitled to a tax refund and it is within this article that we are going to discuss the different reasons you might be entitled to a tax refund to claim tax back.
What is a tax refund?
Firstly lets discuss what a tax refund is, It is when you calculate and speak to the inland revenue and claim back any tax that is owed to yourself. There are many different reasons why you may have overpaid tax and some of these include:
If this is your first job – Whether it is your first job ever, or your first job that year you will probably be put on emergency tax which yields the tax code BR (BASIC RATE) if you look at your pay slip this will indicate what tax code you have. If it says BR then you are probably paying more tax and should be entitled to a tax refund.
You haven’t got a p45 or P60 – not that you really want the latter but if you haven’t received either of these and go into a new job then you will be put on emergency tax.
You are a student and you haven’t filled in a p38, the p38 is a student tax exemption code.
You have reached pension age but your tax code hasn’t been adjusted.
If any of the above applies to you then you could be entitled to a tax refund. Tax can be very confusing but once you have got to grips with the basics of what to look for then you will be on your way to knowing what you need to do in relation to a tax refund. If any of the above applies to you then you will need to ask your employees for a P11. It is on this P11 that it will indicate your pay so far whilst with that employer. You will then need to submit this to the Inland Revenue who will look into this and adjust your tax code accordingly.
Tax refund – what next?
If you have taken this all into account all you now need to do is wait for your tax refund cheque to arrive in the post. This could be anything from a few pounds to hundreds and sometimes thousand of pounds. More information can be found by entering the keyword ‘tax refund’ into an internet search engine. This will come up with companies who will be able to offer you help and advice on what is the best course of action for you and your tax refund. |
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Author Resource:-
Taxrefundpro.co.uk can help you reclaim a Tax Refund from HMRC. Visit our website for more information, we can help you Claim Tax Back.
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By :
Gareth Hoyle
Submitted
2011-07-05 08:56:46 |
Article From Article Mayhem
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