Everything You Need To Know About Tax – Part 2

Everything You Needed to Know About Taxes

Everything you need to know about taxes – Part II – or Everything you need to know about taxes but were afraid to ask! (Isn’t that a Woody Allen film!!)

So, here we are again and we are going to cover the super-dooper exciting subject of Tax!! First and foremost TAX, it’s something you will get used to if you are like most other people and that’s a person- yes, that’s right!! By the mere fact that you are human, qualifies you to pay tax!! If you work, you pay tax. There are very few of us that inherit wealth and will never have to ever work at all, but they will still pay tax! Anyway, back to the masses, us – so, where shall we start? How about Is the Income Tax I pay usually correct? Great question, answer no, not always!! You may have paid too little (not good, the tax robot will catch up with you eventually and then the amounts may have snowballed into a fatberg (or iceberg if we’re using snow) OR and this is the really good situation you may ask yourself, “have I overpaid tax and do HMRC automatically refund overpaid tax?” No, we mean yes, yes you could well have overpaid tax, our statistics show 97% of visitors from overseas are due a tax refund and 33% of all UK residents are due a tax refund, so you could be sitting on a pile of cash you didn’t know you had. And the other yes part is a sometimes yes, yes, HMRC do sometimes repay you without you asking, but that’s a little like saying what’s the chances of being hit by a meteorite! Get the picture? So, do something about it now, claim your refund here.

Refunds are refunds but we hear you say, can accountants help with personal taxes?

So, refunds are refunds but we hear you say, can accountants help with personal taxes, how do I work all this out? The easiest option, do it yourself, meaning do I need an accountant to do my UK taxes? No, but, then again, would you jump out of a plane to do a sky-dive, without first getting professional advice? Probably not, so do the smart thing, don’t jump out of planes without a bit of professional guidance and same with your tax, get an accountant, or agent as we are sometimes called.

How to find a good personal tax accountant?

Hmm, so can Accountants help with personal taxes? Yes, you’re really firing on all cylinders now. We can also detect you thinking out loud now “How to find a good personal tax accountant?” Well, you’re here aren’t you, look no further, you have found the Holy Grail!

How much do accountants charge for UK tax returns?

Now you have found us, you now want the golden question answering, how much do accountants charge for UK tax returns? And it is another great question. The answer is, well, it can vary, it’s like saying I wonder how high my dog can jump if it wants to catch a squirrel! The answer really depends, it depends on the amount of work involved and so on. We start our prices off at the £100 mark and this will get you your very own, straight forward, completed Tax Return for one tax year, signed, sealed, and delivered – well not so much delivered, we will do it all online, so you get it emailed!

Can you claim accounting fees on your personal tax return?

So, you have paid us a fee, can you claim accounting fees on your personal tax return? Or put another way, are personal accounting fees tax deductible? Short answer, yes and no (He-he!). Some are some aren’t, but more often than not, they are tax deductible, but we will let you know when we see more info about your situation.

You can submit a self assessment tax return here

Do you pay tax on your UK current account, or do you pay tax on UK savings accounts?

So, that in a nutshell (not the squirrel thing again!), is how much does a personal tax accountant cost taken care of. We should move on to what a lot of you are asking, questions such as do you pay tax on your UK current account, or do you pay tax on UK savings accounts? Yes, your bank will automatically tax any interest you receive on any UK accounts.

How can you see your income tax refund status?

Okay, we’re going to go back to your all-time favourite subject and refunds, specifically, you’re also asking some great questions about Tax Refunds, such as how to see income tax refund status and how to refund income tax online. Now, this is a really specialist area of ours and how to apply for an Income Tax refund. We can take care of the whole process for you, from firstly establishing whether or not you are actually due a tax refund, to claiming for it and then depositing it into your bank account. Apply for PAYE here now. 

How much time does it take to get an income tax refund?

As to how much time it takes to get an income tax refund can vary, as there is a huge backlog of claims at the moment at the tax office, but we are usually getting them back in 4 weeks, which is super-fast, as average waiting times can be anything up to 6  months! So, can you get your income tax refund early, yes and no? Yes, if you have stopped working for the year and are not intending to work again. Examples of this are you have had enough of the hard slog and are taking a break, or simply, you’re leaving the UK and won’t be back for a bit (not for the holiday makers-when we’re allowed to go again that is!) and no, if you meant is it a quick process as we have just mentioned (pay attention!!).

How can you check on the state of your income tax refund?

A lot of you may have already applied yourselves and have not received an income tax refund and ask how can I check on my state income tax refund, or specifically how to track income tax refund. Well, the answer is a painful one and you will probably need to call HMRC to get an update (they don’t do email!). Painful, as you can be waiting up to an hour some days just for them to answer. It would be far, far easier, if you let us do it all for you, you are then free to run through the grass, without a care in the world, thinking about us here at Taxback, getting you a lovely fat tax refund and knowing full well, we are hanging on the phone for you!!

Claiming income tax refunds for previous years is a synch for us

Oh and by the way, as to how to claim income tax refunds for previous years it’s a synch for us, we can go back 4 tax years for you and let you know what you are due back, and then we will start the unenviable task of prising it out of the taxman’s hands and depositing it into your lovely bank account, so there’s no need for you to know how to deposit your income tax refund cheque, as we take care of it!

If you have left the UK or are about to, let us file your tax return for you

There is some confusion over how to link your bank account to an income tax refund and that’s because over at HMRC, their six-trillion pound supercomputer can’t do it! Well, it can’t or won’t deposit into overseas bank accounts, so if you have left the UK or are about to, let us do it for you because we can deposit your hard earned refund into any bank account, in any country!

Now you know nearly everything you need to know about UK tax

So now you know nearly everything you need to know about tax and hopefully, you’ll do the smart thing and get help from the professionals.

We keep saying it, it makes sense, find out how to apply for your PAYE tax refund here

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