1 In 3 People "Owed" Tax Refund
There are 30 million taxpayers in the UK and, according to the latest research by tax refund company Refunds Direct, around 1 in 3 are owed a tax refund. Alarmingly, one of the most common payment mistake areas is income tax, where the average refund is over £800.
Why don't you know about it? Many people believe the Government will refund overpaid tax. Sadly, this is not true and it is an individual's responsibility to claim their tax back.
Income tax overpayment affects a lot of people. Thankfully, unlike the tax system itself, finding out of you're due a refund is quite simple. Firstly, ask yourself if any of the following apply to you or to someone you know: have you worked for part of a tax year? Have you paid emergency tax for 3 months or more? Have you had numerous jobs or worked for through agencies? Have you had substantial gaps in your employment? Have you entered the UK to work or are leaving the UK? Are you a student who has a holiday job or placement?
If you can answer 'yes' to any of these questions, you may want to find out more - and now there is an easy way to do just that. Most of us find the tax system a bit daunting (8 out of 10 people admit to not understanding it), but help is at hand. With 'no win, no fee' services that takes all of the taxing work out of tax work, help is available.
Mike Oaten, from Refunds Direct, explains: "Up to 10 million people in the UK are potentially owed tax refunds. Many many millions of pounds in refunds goes unclaimed every year. Unless people act now it all stays in the taxman's pocket."
"Our goal is to make everyone in the country aware that they could get tax refunds and help them get their money back."
You may be eligible if you…
* Worked for part of a tax year
* Paid emergency tax for 3 months or more
* Had numerous jobs for worked through agencies
* Had substantial gaps in your employment
* Entered or left the UK to work
* Are you a student who has worked holiday job or placement
You are unlikely to be eligible if you…
* Stopped work and then claimed Job Seekers Allowance? If so, any refund would have been repaid by the benefits office.
* Stopped work part way through a tax year because of maternity leave or retirement.
You may also like
When to register for VAT You must register if: your total VAT taxable turnover for the last 12 months was over £85,000 (the VAT threshold) you expect your turnover to go over £85,000 in the next 30 days You must also register (regardless of VAT taxable turnover) if all of the following are true: you’re based outside the UK your business
Read More
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate
Read More