Time’s running out to claim your tax refund
05th February 2021
No one likes losing out – particularly when there’s cash on the line. If you’re still owed back some tax for the 2016/17 tax year, there’s still a chance to get your money back. The clock is definitely ticking, though, so don’t leave it too late to get your tax refund with RIFT.
There’s a hard limit of 4 years to claim back the tax HMRC owes you. HMRC’s not going to keep waiting forever for you to pull your finger out and claim your tax refund, so you’ve got to move fast. Any overpaid 2016/17 tax you still haven’t reclaimed by the time the tax year ticks over on the 6th of April 2021 is gone for good.
What Will I Miss If I Don't Claim?
Average tax rebate claims for 2016/17 come to £1,066. That’s a hefty chunk of change in anyone’s book, and there’s no reason in the world to leave it sitting in HMRC’s pockets. 2020 was a rough year for most people’s finances, and an extra grand of refund cash could easily:
- Put food on your family’s table for over 4 months.
- Pay off close to a year’s worth of household energy bills.
- Wipe out a nagging credit card debt or loan.
Speaking of 2020, there’s a good chance you’ll have had a very different work year from usual. Caught up in all the upheaval, a huge number of UK workers have found themselves on furlough for big chunks of the year. On top of that, you might have spent some time out of work or had to change employers. Maybe you’ve seen your work travel, accommodation or other expenses change significantly. You might even have switched between working on the books for an employer and going self-employed.
The good news is that none of this stops you from getting back the tax you’re owed. The amount you can claim back might well be different (and in some cases it may well be more), but it’s still your money if you claim it in time. With the pandemic putting so much stress on UK household finances, it’s more important than ever not to let your previous years’ tax refunds slip away.
5 Years of Tax Refund At Once
Best of all, if you get your 2016/17 tax refund claim on HMRC’s desk before the 6th of April, RIFT tax Refunds will be able to get your next claim rolling straight away. If your claim covers every tax year since 2016/17, you’ll basically be getting 5 tax refund pay-outs at once!
This really is your last chance to get back what you’re owed for 2016/17. Answer 4 quick questions to find out if you're owed a tax rebate and get back what’s yours before it’s too late.