How Will You Spend This Year’s Tax Refund?
14th November 2019
From saving up to splashing out, there’s a whole world of ways to make the most of your yearly tax rebate. Here are just a few of the things RIFT’s customers tell us they’re doing with their payout cash:
No, it’s not glamorous, but covering your everyday expenditure is often the smart thing to do when you’ve got some extra money coming in. According to surveys from the Office for National Statistics, UK households are pumping 14% of their day-to-day budgets into transportation alone. Another 11% goes on rent or mortgage payments, while 10% gets eaten up by our food shopping. Whether it means paying off a sudden, unexpected bill or simply lightening your load as little throughout the year, getting your refund sorted can make all the difference.
Now, on to the fun stuff. Family holidays are among the most popular ways to splash your refund cash. This year’s top destinations range from the beaches of Spain and Turkey to the historical landscape of Greece and the United States’ famous theme parks. As always, shopping around will give you the best chance of landing a great deal.
Feathering the nest is another popular option for putting that tax refund to good use. Kitchens tend to top the list, with over 1 in 5 of us aiming for a refit worth around £2,000. Gardens and bathrooms are next, with price ranges in the £4,500 to £9,000 bracket. If you’re claiming back tax for more than one year, you could easily find yourself putting a big dent in even those renovation bills.
Ticking off the bucket list
As the saying goes, you’re here for a good time, not a long time. Whatever adventurous itch you’ve got, you can scratch it in style by claiming your refund with RIFT. Fancy swimming with dolphins or walking the Great Wall of China? Want to check out the Northern Lights or the Great Barrier Reef? Any of these expensive dreams can come true when you get back what you’re due from HMRC each year.
Saving up deposits and paying down debts
Again, maybe not the most exciting way to celebrate your refunded tax. Even so, putting down a deposit on a place of your own is a huge step that keeps so many people from getting a foot on the ladder. A £150,000 property could easily see you stumping up £7,500 as a deposit, so why not put your refund into something that really matters? In the same way, killing off an expensive debt is a great use of your refund cash. Around 30% of UK taxpayers feel like their debts are out of their control. You might not get the immediate satisfaction of a one-off spending spree, but you could be feeling the benefit of ditching your debts for years to come.
Whatever you do with your cash, don’t leave it in the taxman’s pocket - take 2 minutes to check for free if you're owed money from HMRC using our free tax refund calculator. Talk to us about getting the tax refund you’re owed. We’re the UK’s leading tax rebate and tax return experts, so you’re always better off with RIFT.