HMRC Tax refund – Are you entitled for a tax rebate ?
Posted by Julian Behrman on 26/03/14 in TAX BACK | Comments Off on HMRC Tax refund – Are you entitled for a tax rebate ?Are you missing out on a UK income tax refund ? The Taxback Service Company is here to help you !
HMRC admits – 3.5 million people overpaid on their taxes
According to the HMRC , as many as 3.5 million people unwittingly paid too much UK income tax in the 2012-13 tax year (ie to April 5th 2013) and are each owed an income tax refund averaging between £350 and £500!
Every year, the taxman is supposed to check that the amount of tax and national insurance deducted by employers matches the information on its records. This so-called “”end of year reconciliation process” for 2013/14 will begin shortly and is expected to be completed by October. However, if HMRC’s hold incorrect information about an individual income taxpayer, they may well be unaware that they are, in fact, due an income tax refund, not just for the latest income tax year but for earlier years too.
The Revenue argues that the vast majority of the 40 million who pay UK income tax through PAYE are correctly taxed but, because people’s circumstances change during the year – for example, they move jobs or enjoy an extra source of income, or there are changes to the employee benefits they receive – there will always be a minority who have paid too much tax. And 3.5 million is one hell of a large minority!
“Around 85% of UK income taxpayers paying tax via the PAYE system pay the right tax throughout the year … This is the normal process that the PAYE system has used for 70 years,” according to HMRC but this still means that millions of ordinary UK income taxpayers – men, women & children – are overpaying more than £1 billion of income tax every year.
Those who have paid too much UK income tax and are due an income tax repayment should receive a “payable order” (essentially a cheque) directly from HMRC but do be aware of ‘scam’ emails claiming to be from HMRC – see our blog on scam emails
Claim tax refund from as early as 2010
Any UK income tax overpaid since April 6th 2010 can be reclaimed, meaning that there are currently billions of pounds of UK income tax waiting to be repaid – is some of this money yours??!! Clearly, if HMRC gets your income tax liability wrong one year, can you be sure they haven’t got it wrong in earlier years?
So, how do you know if you are due UK income tax refund? How do you know if you have received all the personal income tax allowances and reliefs that you are entitled to? How do you actually go about claiming taxback from HMRC? How do you know that any income tax rebate issued by HMRC is correct and is all that you are entitled to? The Taxback Service Company is here to help – we work on a contingency NO REBATE – NO FEE basis and, as one of the first companies in this field, have an unparalleled wealth of experience in sourcing UK income tax refunds.
Make sure to fill in the relevant tax refund form and get your free assessment , if no tax rebate is owed you will not be charged !