If you’re no longer working full-time or you’re having a break from employment for reasons such as you’re a student, you’re having a family or you’ve been made redundant, you may have overpaid tax while you were working and can claim some much needed cash back.
Having a family can be very expensive and it often means that at least one parent will have to take time off paid employment – making finances even tighter.
Taking time off work though can mean you are owed an income tax refund. This is because you will have only worked for part of the tax year and your UK tax free allowance will have been calculated incorrectly – meaning you have overpaid tax.
You are entitled to claim back overpaid tax in the UK from up to six years ago so if at anytime since 2002 you have only worked for part of the year, taxback.com can claim your tax refund for you.
Getting an education in the UK is very costly and lots of students take on part-time work or a summer job to help fund their tuition. Many people think that students do not have to pay tax but this is a common misconception and even if you’re studying in the UK, you will still need to pay tax on your earnings.
The good news is that because students only work part-time or for a few months in the tax year, most are due a tax rebate. This is because you will probably earn below your personal tax free allowance and because your employer will not take into account that you are not working the full tax year.
We know that as a student, every bit of cash matters so make sure you apply to get your UK tax refund. You can claim a UK tax rebate from up to six years ago.
Unemployment and Tax
Losing your job or struggling to find a job is one of the most stressful financial times a person will experience in their lives. While the Job Seekers’ Allowance can provide some much needed income, many people who claim job seekers’ allowance do not know that this is classified as part of their taxable income.
However, if you’ve been made redundant or you’ve been unemployed for part of the tax year, you may be able to get back some much needed cash by applying for a tax refund.
How can I get a tax refund?
If you’ve been out of work for part of the year your personal tax allowance will not have been calculated correctly and you have probably overpaid tax. The Inland Revenue will not automatically give back any tax you have overpaid – you need to apply for a tax rebate. Taxback.com can apply for your UK tax refund if you’ve been working anytime in the last six years. Don’t miss out on money you’re owed!