HMRC Tax Refunds
What are tax rebates?
The idea of tax refunds is pretty simple. If you end up paying too much tax in a year, you can claim some back – as long as you’ve got proof of what you’re owed. In some cases, you don’t even need to claim them yourself. You might get a tax refund automatically if your PAYE salary goes down, for instance, since HMRC is keeping track of what you’re earning each month.
However, there are many more reasons why you might have paid too much tax, leaving thousands of people wondering “Am I due some tax back?” - and many thousands more simply never even realising they can claim. Remember, a tax refund isn’t some dodgy windfall or a prize you can win. This is YOUR money, and you’re leaving it in the taxman’s pocket if you don’t claim it back.
The trouble is that it takes a tax expert to get the very best from a refund claim, and not everyone even understands that they can make one. Understanding that you should be claiming back tax for your work travel expenses is only the first step, of course. You also have to get your head around HMRC’s refund rules and regulations.
Getting back what you’re due means giving HMRC all the information they need to realise you’re owed money. Without, that, the taxman can’t get his sums right. If you’ve got work expenses he doesn’t know about, for example, he can’t factor them into his calculations. Work mileage travel costs are a big part of most refund claims, but you have to keep good records to show HMRC what you’ve spent. The same goes for your other essential costs, from food and accommodation on the road to repairing or replacing any of your important gear or tools. This is why the best start to making your claim is to talk to the experts at RIFT. All it takes is a minute of your time and answering 4 simple questions.
Even if you’re self-employed, you could still be missing out and paying too much tax. Construction workers using Self Assessment lose a big chunk of their earnings under the Construction Industry Scheme (CIS). This means they might not be getting the full benefit of their tax-free Personal Allowance each year. When that happens, they can claim back the money they’ve lost.
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