Wednesday, October 2, 2013

1 In 3 People "Owed" Tax Refund




There are 30 million taxpayers in the UK and, according to the latest research by tax refund company Refunds Direct, around 1 in 3 are owed a tax refund. Alarmingly, one of the most common payment mistake areas is income tax, where the average refund is over £800

Why don't you know about it? Plenty of people believe the Government will repay overpaid tax. Sadly, this is not true and it is an everyone’s responsibility to claim their tax back.

Income tax overpayment affects many of people. Thankfully, different from the tax system itself, finding out of your due a refund is quite easy. Firstly, ask yourself if any of the subsequent to apply to you or to someone you know: have you worked for part of a tax year? Have you paid emergency tax for 3 months or more? Have you had numerous jobs or worked for through agencies? Have you had substantial gaps in your employment? Have you entered the UK to work or are leaving the UK? Are you a student who has a holiday job or placement?

If you can answer 'yes' to any of the following questions, you may want to look out more - and now there is a simple way to do just that. Many of us find the tax system a bit daunting (8 out of 10 people admit to not understanding it), but help is at hand. With 'no win, no fee' services that takes all of the taxing work out of tax work, help is available.

Mike Oaten, from Refunds Direct, explains: "Up to 10 million people in the UK are possibly owed tax refunds. Many many millions of pounds in refunds go unclaimed every year. If not people act now it all stays in the taxman's pocket."

"Our goal is to make everybody in the country aware that they could get tax repayment and help them get their money back."

You may be eligible if you…

* Worked for part of a tax year
* Paid emergency tax for 3 months or more
* Had numerous jobs for worked through agencies
* Had substantial gaps in your employment
* Entered or left the UK to work
* Are you a student who has worked holiday job or placement

You are unlikely to be eligible if you…

* Stopped work and then adopt a Job Seekers Allowance? If so, any repayment would have been repaid by the benefits office.

* Stopped work part way through a tax year because of maternity leave or retirement.


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