It’s a possibility that you may have overpaid on tax, which usually happens upon entering a new job. Typically, you’ll be placed on the emergency tax code until you contact the tax office to inform them of your move. However, your human resources team at your new workplace may be able to handle this for you if you provide them with your P45 or starter checklist. A refund may need to be claimed if you only had a job for the portion of the tax year or if you started a new job. Similarly, you may have had no taxable earnings if you stopped working or adjusted your hours from full to part time.
If you’re entitled to a tax return, you’ll be sent a simple assessment letter; however, these can also inform you that you haven’t paid enough tax. You’ll only receive one of these around September time as the tax year ends in April. If you claim this money online, you’ll receive it in around five days. Though, if you want the government to send you a cheque, this will take around 45 days to receive in the post. Nevertheless, if you believe you’re owed a tax refund and you haven’t received one of these letters, you can calculate this using the government’s online tax calculator. If you’re still stuck on how to handle a tax refund, there are multiple companies that can assist you, such as TaxRefundsRUs.
How Do I Claim My Tax Back?
If you find that you’ve been overpaying on your tax, you’ll understandably be wondering how you can claim it back. Quite simply, you’ll need to inform the government why you think you’re due a refund. This should be done before the end of the tax year for the most seamless processing. From the end of the tax year that you’ve overpaid, you have four years to claim your refund.
What if I Owe Money?
If you have more than one source of income or have changed jobs, you may find that you owe money. If this is the case, you’ll be notified ahead of the tax year’s close and you’ll need to be informed within 12 months of the underpayment. Despite this, you don’t need to panic that this will have to be paid in a lump sum. Instead, you’ll typically pay this in instalments across the following year. However, if it’s not possible for you to complete the payment across one year, you’ll usually be allowed to spread the cost over several years. If this still isn’t an achievable option for you, the government will be on hand to walk you through your other options.
Tax Refund Scams
You may be a victim of a tax refund scam if you receive an email or text message informing you that you’re due a tax refund. You’ll only receive information regarding a tax refund via the postal service. Therefore, you can be certain that any voicemails, text messages, or emails that you receive aren’t legitimate notifications. You’re advised not to click on any links that you’re sent as these could put your device in jeopardy. The websites that these links take you to are extremely convincing duplicates of the legitimate government websites, so it’s important to be vigilant about these.
Be aware that government bodies won’t ask for your bank details over the phone. You shouldn’t give out any private information unless you’re absolutely certain about who’s on the receiving end of it. If you suspect that you’re being scammed, you can report these incidents online.
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