There are many steps that must be taken in order to get a tax refund in the UK. Getting money through a tax refund usually occurs when taxes are overpaid. An individual might get overpaid through their job or from a deduction from a pension. Some people who are self-employed might overpay their taxes, and there are certain steps that need to be taken to get a refund.
Reclaiming Taxes If Your Overpaid Through Employment
If a person happens to change jobs a lot, there is a chance of overpaying on taxes. Some other things that can cause an overpayment of taxes include; students who didn't complete the P38S Student Employees form, if a person worked more than two jobs at a time, if the employer used the wrong tax code on mistake, or if an individual stopped working and didn't receive any benefits for the year.
Tax payers can find information on their entitlement to allowances and income under the PAYE Coding Notice. Everyone does not receive this notice, but there are other sources where this information can be found such as on the P45 or pay stubs. This notice will tell the tax payer how much tax was deducted from their wages before getting paid. One tax code may be assigned if a person works more than one job. The tax payer must make sure what their tax code means so they end up paying the correct amount of taxes.
Overpaying Taxes Through a Pension
Overpaying through pensions is very common. This could happen if the tax payer's pension providers made a mistake and assigned the wrong tax code. This means the IRS does not have the right information on you. If a person owns several pensions, this means they could have multiple tax codes. If tax was paid on an annuity before 2007, then this can also lead to an over payment of taxes.
There are other multiple reasons why a tax payer might need to file for a tax refund. Tax payers can save themselves a headache by using an online tax return service. A cheap online tax return service can assist in providing easy tools for filing. Customers will often have access to resources for online tax preparation. Most of the time, these sevices are offered year-round which is helpful to those who may need to file back-taxes. Many of these online services may also offer free consultation.
Reclaiming Taxes If Your Overpaid Through Employment
If a person happens to change jobs a lot, there is a chance of overpaying on taxes. Some other things that can cause an overpayment of taxes include; students who didn't complete the P38S Student Employees form, if a person worked more than two jobs at a time, if the employer used the wrong tax code on mistake, or if an individual stopped working and didn't receive any benefits for the year.
Tax payers can find information on their entitlement to allowances and income under the PAYE Coding Notice. Everyone does not receive this notice, but there are other sources where this information can be found such as on the P45 or pay stubs. This notice will tell the tax payer how much tax was deducted from their wages before getting paid. One tax code may be assigned if a person works more than one job. The tax payer must make sure what their tax code means so they end up paying the correct amount of taxes.
Overpaying Taxes Through a Pension
Overpaying through pensions is very common. This could happen if the tax payer's pension providers made a mistake and assigned the wrong tax code. This means the IRS does not have the right information on you. If a person owns several pensions, this means they could have multiple tax codes. If tax was paid on an annuity before 2007, then this can also lead to an over payment of taxes.
There are other multiple reasons why a tax payer might need to file for a tax refund. Tax payers can save themselves a headache by using an online tax return service. A cheap online tax return service can assist in providing easy tools for filing. Customers will often have access to resources for online tax preparation. Most of the time, these sevices are offered year-round which is helpful to those who may need to file back-taxes. Many of these online services may also offer free consultation.
| Felicity is a freelance journalist, writing occasional articles in the UK. If you need to do a online self assessment tax return and don't know where to start, then try our cheap online tax return service. For subcontractor tax return and more information please visit the Tax Returns Direct website. Article Source: http://EzineArticles.com/?expert=Felicity_Lightbody | |
