Making the Most of your UK Tax Return!
Have you paid too much tax? Then you may be eligible for a UK Tax return! Find out how to claim refunds for the current Tax Year. There are various paths to take when claiming this benefit, depending on the year you make the claim for and how successfully your self-assessment tax return is submitted. At Tax back we specialise in reaping the best benefits for our clients, with professional tax consultants working tirelessly to reap maximum profits on your UK tax returns.
Claiming UK Tax Refunds for the Present Year
If you are an employee under PAYE tax, paying too much tax then your ‘tax code’ needs to change. Talk to one of your tax accountants to find out what that code is. Once you inform HMRC of this and changes are made, any over-charged tax is refunded to you via your paycheque.
How Do You End Up Over Paying UK Tax
- Well for starters, if as a new employee you are put on an ‘emergency code’ you could be charged the wrong amount of tax. This can be adjusted by giving your new employer your previous income details and changing your tax code.
- If you pay tax via a self-assessment, you may have to make two payments to your tax account. However, if your income decreases and profits fall, these tax payments become too much. Asking HMRC to reduce your dues may be done if you know the tax bill will be low, but if you end up paying less tax than is necessary, you will have to pay an interest on the underpaid value.
Informing HMRC of Overpaid Tax in the UK
HMRC must inform you if you have only paid tax via PAYE and paid too much. You will be sent a P800 form which contains details of your income, due tax and any overpaid or underpaid amount. To check you need to compare your payments with HMRC’s tax calculations; if it does not match and you’re paying more tax, inform them. Enlist the help of professional tax consultants who are savvy at weeding out any loopholes and you stand to benefit from UK tax returns.