Some Reasons Why I Could Be Due A Tax Refund}

Submitted by: Kay Daniels

Last year the BBC reported that an outstanding 4.3 million tax payers were due to receive rebates from the tax office, mainly caused by tax errors from the HMRC. There have been several other statistics highlighting that there is a growing number of people who are due income tax refunds.

Unfortunately, however, the responsibility to ensure that the correct amount of tax is paid is not the Inland Revenue. What?! You mean they take tax and they are not responsible for taken the correct amount? The simple answer is they are not, neither is it necessarily the responsibility of your employers either. By Law, you and I as tax payers are responsible for ensuring we pay the correct amount of tax.

In circumstances where tax payers attempt to evade paying the tax is required, the tax payer could be facing prosecution, possibly ending up in fines or jail terms. The same weight of responsibility is not shared if the tax office has over taxed you. Would it not be bliss to charge fines for tax errors?

One of the common reasons for these errors is down to mistakes made by your employer. When you start a new job with a company, in many circumstances, workers are immediately placed on emergency tax codes. Employers adopt the shoot now and ask questions later mentality. The simple way to avoid the emergency tax is to ensure you chase up your previous employers for you P45. Hand it in to your new employers, which would help them put you on the correct tax code.

Another possible reason why you may be due a tax refund is particularly common with full time students. Students generally tend to work more during holidays and either go part time or quit work entirely when they resume. The temporary work schedule will often cause you to be placed on emergency tax and thereby becoming a potential candidate for an income tax refund.

On the other hand, individuals who have more than one job may sometimes pay more as a result of errors. In principle, two individuals with a gross income figure of 30k. One of which has one job and the other six jobs. Both individuals, in principle are to pay the exact same amount in taxes regardless of the number of jobs. In reality, HMRC would often times get the figure wrong. You can find out how to claim a tax refund here.

Human error, either by the tax payer or the tax office is another plausible reason why you may be due a tax refund. Sometimes changes in investment income, or employment status would affect the amount of tax paid. Some tax agents offer online tax refund applications where the users are able to fill in tax refund forms.

There also a variety of tax refund calculators or what some would call tax refund estimators. These are also helpful tools in establishing just how much overpaid tax or emergency tax you could be claiming back.

About the Author: Kay Daniels, one of the nation’s leading tax experts. Learn more about Kay Daniels and the services he provides like Emergency Tax and other Tax Refund related issues call us at: 01274953255 OR visit our website:

taxrefundme.com

Source:

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