How To Claim Tax Back

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How To Claim Tax Back
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Summary
About this template

• To claim tax back UKs relevant Tax authority is
  HMRC. In UK there are following are the
  circumstances in which a tax payer in UK needs to
  refund his tax from the authorities.
• CIRCUMSTANCES
• Over deduction of tax during employment
• Over deduction after discontinuation of work
• Overpaid taxes during return filing
• Overpaid taxes in pension payment
• 1. Employed over deductions
• If tax deducted from the individuals salary is
  more than the amount which was actually due then
  individual can file claim to the tax regularity
  authority.
• If the employer has over deducted the tax amount
  from the tax payer's salary, tax payer can
  launch a claim from the tax authorities. The tax
  year runs from 6 April to 5 April the following
  year.
• Tax payer can only claim the refunds back to the
  tax year of 2012 to 2013

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For Financial year 2017 to 2018

• In financial year 2017 to 2018 if refund is due,
  it will be paid by the employer to the employee
  along with the salary payable amount.
• For Financial Year 2016 to 2017
• In financial year 2015 to 2016, HMRC posts a P800
  tax calculation to the respective tax payer, if
  individual has overpaid their taxes, by the end
  of September.

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How To Claim Tax Back
About this template

• A tax payer can get a refund online if his P800
  states that refund is due. Cheque pertaining to
  refund is sent by the regulatory authority within
  14 working days.
• For 2015 to 2016 and earlier tax years
• Individual has to work out the tax calculation to
  exhibit that additional tax is paid after the
  end of tax year.
• Claim Online
• A tax payer can also claim tax refund online, he
  will need
• Employer PAYE reference number.
• Details of taxable income and benefits received
  in that particular tax period.
• Tax refund can only be claimed by the individual
  himself. One cannot claim taxes on someone
  elses behalf.

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Other ways of Claiming
About this template
Tax payer can claim refunding from HMRC by
contacting them with a logical explanation of how
tax payer believes he has overpaid taxes. Later
on national issuance number, details of
employment and state benefits are to be
stated. If the refund is found to be due by
HMRC, it will be paid through cheque or direct
bank account transfer. Nominated person can also
receive the refund on the behalf of tax payer
through cheque or direct bank account transfer.
If tax refund is found to be not due, tax payer
filing the claim is informed.
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2. You've Stopped Work
You have left the job
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Following are the situations in which tax payer
cannot claim the refund straight away
TAX PAYER CANNOT CLAIM THE REFUND STRAIGHT AWAY

• Claimant is receiving Jobseekers Allowance
• Claimant is benefiting from Employment and
  Support Allowance
• As Claimant is reaping the benefit of Carers
  Allowance
• Claimant is receiving the benefit of incapacity
  benefit for more than 28 weeks.
• In order to claim refund in above mentioned
  scenario, tax payer must fill out 2nd and 3rd
  part of P45 form. Tax payer can claim his refund
  at the end of this year or at the start of new
  job.
• Otherwise fill out form P50 to launch the refund
  claim from the tax
• authorities.

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You Have Left UK

• Tax payer has to fill out form P85 if he is
  planning to leave United Kingdom.
• if and only if
• To live abroad permanently
• Going to work permanently abroad full time
• for at least one full tax year.

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3. You Sent A Tax Return
if Tax filer over paid the tax return, he is
launch a claim to a refund against his tax
return.
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REFUND AGAINST HIS TAX RETURN

• If
• Because tax payer needs to revise his tax return.
  Re-estimation or re- assessment of the financial
  circumstances result in the changing the tax
  return figures.
• Entered the wrong amount when paying
  self-assessment bill. Mistake correction often
  results in the changes in the values of tax
  return.
• Because Tax payer is no longer holding a
  self-employment status.
• Following is the procedure for launching a tax
  refund claim.
• After logging into HMRC online account, go to
  self-assessment details and options, click on
  more options. Afterwards click on request a
  repayment and follow the guidelines provided.
  Claimant receives the payment in his bank
  account after he provides UTR and bank Account
  details.
• HMRC will pay the claimant his due tax refunds
  otherwise issue the information letter that HMRC
  has collected the rightfully due amount from the
  tax payer.

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4. YOU GET A PENSION
Pension provider pays the overpaid tax on pension
back to the tax payer. If pension provider
doesnt pay the refund and P800 calculation
issued by HMRC states that individual can claim
their refund online. Individual can log on to
their online account and claim their tax refund.
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5. BOUGHT A LIFE ANNUITY
Life annuity usually bought for a lump sum amount
in return of life time guaranteed income from
the insurer. Tax on this income is charged at the
20 tax rate and is deducted automatically.
Individual can ask the insurer to provide them
with a tax free income because of their tax
circumstance or can file a vat return form to
HMRC for a claim of refund. This is only
possible when individual earns less than
personal allowance limit. Law doesn't require
that individual to pay taxes or submit income
tax return.
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Thank You !
info_at_WeAccountax.co.uk 44 20 3807 5353