Business & Finance Taxes

Uk Tax Refunds - Can You Claim A Refund

Income tax does not need to be taxing !!!

But it is taxing of course full of unbelievable goobley gook and red tape.

Well the actor that used to say that has decided that it is and he no longer features in any adverts.

All income is taxable and you must register for Vat if your turnover is above £67,000 per annum. This includes any kind of business.

Many people who are employed on PAYE are often are due a tax refund.

The reason is that PAYE is a very clever and simple tax that collects the majority of income tax and national insurance from employers who simply deduct it from their employee's wages and then remit it to the Inland Revenue monthly. For many people it works very well.

How ever in taxing many millions of people in this way it cannot of course be completely flexible to be able to identify each and every ones varying circumstances or those that may not be the norm. .

The most common reason why an over payment is due is that you entitled to a full years free pay allowance ,even if you have not worked a full year.

So if you have left the UK say halfway through a tax year you will on PAYE only have been given half of the free pay allowance that you would normally be entitled to. So you would be entitled to a refund.

So when leaving the UK and your PAYE employment other than at the end of the tax year you will probably be due a tax refund.

Equally if you joined half way through the tax year and were taxed on a month 1 coding often known as an emergency code you would only have been given 1/12 of the annual tax free allowance for each month that you worked. So in the example quoted here you would be entitled to half of the personal allowance being offset against your income.

This would be fine if you had been in full time employment in the UK but if not again you could be due a tax refund.

Often when coming back to the UK people often seem to be taxed on a month 1 basis even when they have briefly claimed job seekers allowance and handed the job seekers allowance to the new employer.

Often some body coming to the UK  and then leaving they may be due a refund for both tax years if their employment or employments' covered say two tax years.
SHARE
RELATED POSTS on "Business & Finance"
What Does the IRS Say about Capital Gains and Capital Losses?
What Does the IRS Say about Capital Gains and Capital Losses?
How to Appeal Property Taxes in Georgia
How to Appeal Property Taxes in Georgia
Determining What Estate Taxes Have To Be Paid
Determining What Estate Taxes Have To Be Paid
How to File Taxes as Head of Household
How to File Taxes as Head of Household
Have You Been Audited?
Have You Been Audited?
Losses in an IRA
Losses in an IRA
The Average Salary of Layout & Design Artists
The Average Salary of Layout & Design Artists
Get Deductions on Your Tax Returns for Energy-Efficient Home Improvements
Get Deductions on Your Tax Returns for Energy-Efficient Home Improvements
How to Avoid IRS Audits
How to Avoid IRS Audits
How to Increase My Tax Return
How to Increase My Tax Return
How to File for a Furnace Tax Credit
How to File for a Furnace Tax Credit
Years to Become an Anesthesiologist
Years to Become an Anesthesiologist
Expat Taxes: New IRS FATCA Rule Is ANOTHER Way to Penalize You $10,000
Expat Taxes: New IRS FATCA Rule Is ANOTHER Way to Penalize You $10,000
When Do You Get a 1099 Form for Interest?
When Do You Get a 1099 Form for Interest?
Spanish Tax System
Spanish Tax System
Hooray! IRS Debt Tax Relief is Here
Hooray! IRS Debt Tax Relief is Here
How to Save Your Heirs Money on Property Taxes
How to Save Your Heirs Money on Property Taxes
Tax Records - How Long Should You Hold on to Them?
Tax Records - How Long Should You Hold on to Them?
How To Reduce Taxes: Learning It The Legal Way
How To Reduce Taxes: Learning It The Legal Way
Here’s a Quick AMT Planning Example
Here’s a Quick AMT Planning Example
How to File Income Taxes Late
How to File Income Taxes Late
The Disadvantages of Managing a Rental Property
The Disadvantages of Managing a Rental Property
How to Claim When You Are a Daycare Provider
How to Claim When You Are a Daycare Provider
If My Job Did Not Take Out Federal Income Taxes, Does That Mean I Pay?
If My Job Did Not Take Out Federal Income Taxes, Does That Mean I Pay?

Leave Your Reply

*