A recent report from the HMRC says 3.5 million are due a tax rebate for the 2012-13 tax year. Average refunds are between £350 and £500. The HMRC began its end of year reconciliation process in May and will continue checking its records through October, looking for over-payers, as well as under-payers.
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Who Gets Money?
If the HMRC discovers you were overpaid, you’ll receive a “payable order,” which is essentially a cheque. The HMRC says cheques should have already started to arrive for some. However, note that an automatic tax rebate only comes if the HMRC discovers your overpayment. For example, if you moved jobs or your employee benefits were changed throughout the year, the HMRC would most likely be aware of the change and will calculate the difference.
However, note the term “most likely.” Many people are due rebates that will not come automatically because they need to be brought to the HMRC’s attention. If you pay emergency tax or are on the wrong tax code, you could be due a significant refund. If you lost your job and did not work the complete tax year, you are probably due to receive a rebate. If you work on a CIS basis in the construction industry, you should receive a refund. There are many circumstances across all business sectors that could result in a rebate cheque.
How to Receive Your Refund?
The best plan of action is to not just sit and wait for your refund cheque. Even if you receive a payment automatically from the HMRC, you may still be leaving money on the table. Trust the experts at Taxback to help you get what you’re entitled to. Remember that you can claim a rebate for up to four years.
Use our free online rebate calculator to determine how much the HMRC owes you or contact us for a free tax rebate consultation.