Expert Tax, Migration and Financial Services group 1st Contact claims that most individuals in the UK are not aware that they are eligible for a Tax Refund. As such 1st Contact has offered 3 key tips that are set to enable individuals to claim the maximum amount of tax back in a minimal amount of time:
1. File your Tax Return on Time
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:posted
- Visit http://www.1stcontact taxrefunds.com and fill out an online application form.
- For a Self Assessment Tax Return, you would need to send 1st Contact a statement of earnings, in order to show how much you earned whilst self employed. 1st Contact will also need any P45/P60 docs from any PAYE or full time employment you may have had.
- This must be posted to 1st Contact along with the completed claim pack (details can be sourced at www.1stcontact-taxrefunds.com). You will also need to provide your UTR (Unique Tax Payers Reference number).
For a CIS (Construction Industry Scheme) Tax Return, 1st Contact will require the following:
- Pay slips for the tax year or your statement of earnings from each employer you may have had. If you have had PAYE or permanent employment in the same period, then you will also need to submit your P45’s and P60’s as well.
- You can claim expenses for work purposes only, where 1st Contact will need a break down of these expenses, as 1st Contact can claim 10% of your salary as expenses.
Tax Refund Calculator
Late returns will automatically receive a £100 penalty and a second £100 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.
2. Check your Tax Code
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. Visit the following link to obtain more info http://search2.hmrc.gov.uk/kbroker/hmrc/locator/locator.jsp?type=1
An incorrect tax code is the leading cause of overpaid tax and this occurs when starting or moving work together with paying emergency tax. Use our convenient Tax Refund Calculator and see if you are due a tax rebate or visit www.1stcontact-taxrefunds.com for more information.
3. Check Previous Tax Returns
It is crucial to check for incorrect Tax Codes on previous returns, since you can claim a tax refund as far back as 5 years. 1st Contact offers a no refund no fee policy and will be able to look into this for you. Alternatively, use 1st Contact’s Tax Calculator or feel free to check our tax calculator to find out if you are eligible for a tax rebate.