Can I Claim My Tax Back?
Don't be late with your paper work
Your online tax return, plus any tax due, must be sent to HMRC by 31 January of the following year. The following steps can be followed to submit your tax return online:
For a Self Assessment For a DIY Tax Return, you would need put together a statement of earnings, in order to show how much you earned whilst self employed.
You will be required to obtain P45/P60 docs from any PAYE or full time employment you may have had.
For a CIS (Construction Industry Scheme) Tax Return, you will require the following:
Pay slips for the tax year or your statement of earnings, for each of your employers. If you have had PAYE or permanent employment in the same period, then you will also need to submit your P45s and P60s as well.
You can claim expenses for work purposes only, and you will have to identify each of these expenses, as you can claim 10% of your salary as expenses.
Late returns will automatically receive a 100 pound penalty and a second 100 pound fine applies if you have not filed and paid by 28 February. Any further delays could result in more serious penalties. It is important to note that it is a legal requirement to keep your filed tax return and related information for 6 years, so it is advisable to always keep copies whether on file or electronic copies.
Make sure your code is correct
Always check with your personnel department, that you are being taxed under, that you have the correct tax code. If you are still unsure , visit the HMRC website, where you fill in your PAYE number and they will direct you to the tax office where you can obtain the correct information.
An incorrect tax code is the leading cause of overpaid tax. This error occurs when starting or moving employment together with paying emergency tax.
Check Previous Tax Returns
It is crucial to check for incorrect Tax Codes on previous returns, considering that a claim can go as far as 5 years into the past.
Remember, every year millions of Pounds go unclaimed. Hopefully this article has helped you understand the process and made you itch to claim what is rightfully yours.
by: Nikki Van Coller
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