Christmas and New Year have come and gone and in their trail have most likely left you with little to no cash left and mountainous credit card bills to face. But fear not as claiming your tax back could be a sure fire way to beat the January blues.
Every year we make promises to ourselves about not going overboard on Christmas presents, but the seasonal good will often gets the better of us, and also our credit cards and soon that extra present for a friend or loved one, turns into an extra 5 presents for everyone and then comes the dooms day when January’s bills arrive.
Overspending during the holidays doesn’t just come from presents, it’s also easily done with a few more visits to the pub with friends or colleagues, and on a fabulous night out for New Year’s Eve… resulting in even more debt.
Depressed enough now to look for a solution? We thought so. You see, January doesn’t have to be the desperate financial crisis we often make it – aside from delayed payments due to the various bank holidays and lack of accountants working. If you take a look at your payslips from work you may just see some potential treasure lurking under your tax code. This particularly applies to PAYE workers.
Did you know you could perhaps be on the wrong tax code? If so you could be owed hundreds back in overpaid tax! So before you
consider selling your TV, iPad or renting out your living room to make ends meet, check your payslips to see if you’re on the correct tax code, or if you’ve been put on an emergency tax code (How to find out if you’re on Emergency Tax). This will often happen if your employer is unsure what tax code you should be on – and may also happen if you’re a foreign worker in the UK.
After all, you could have the average tax refund due to you which is around Â£900!!! Just think what January hell you could avoid with all that cash!
To find out if you’re owed a tax refund, start your online tax application here