Find the answers to the following commonly asked questions:
1. What is a tax rebate?
A tax rebate is a repayment of tax that you have overpaid during the tax year, as determined by HM Revenue & Customs (HMRC). It can also be referred to as a tax refund.
2. Who can claim a tax rebate?
Anyone who has lived and worked in the UK may be eligible to claim for a tax rebate.
Certain criteria do apply, however 97% of people are able to make a claim - even after they've left the UK.
3. How much can I claim back?
If you have earned less than your tax-free allowance, you will be able to claim back all of the tax you have paid (as an example, the tax-free allowance for the 2014/2015 tax year was £10,000).
If your earnings exceed the tax-free allowance, you are more than likely still due a tax rebate.
To calculate the refund due to you, use our online Tax Return Calculator or contact one of our professional tax refunds advisers for a free quote on +44 (0) 80 8141 5503.
4. When can I claim my tax back?
You are able to claim after the end of any financial year (5 April) if you are still working in the UK. If you have retired, become unemployed, become a student or have been made redundant and you won’t be working again until the end of the tax year (5 April), you may be able to claim back some of the tax you have paid.
You can claim for any previous tax year at any time during the tax year. Again, if you are leaving the country, or have already left, you may claim during the financial year.
5. How many years can I claim tax back for?
You can make a tax claim against a financial year for up to five years. You can also claim for the current tax year if you are leaving or have already left the UK.
6. Why would I have overpaid tax?
There are a number of reasons why you may have overpaid tax. The most common are:
• You have only worked for part of a tax year
• You have worked for more than one employer in a tax year
• You have had two or more jobs concurrently
• You were taxed on a basic rate tax code
7. What do I need to claim tax back?
In order to claim a UK tax rebate, you will need to submit proof of your earnings and tax deductions for every employer that you have had in each tax year for which you are claiming.
You will need a P45 for each job you have had during the tax year and a P60 from the company that employed you at the end of the tax year. You should obtain these from your employer or agency. If any P45s or P60s have been lost, you will need to obtain a statement of earnings from your employer or agency as a substitute.
If you have worked under the CIS scheme, you will need to submit your statements of payment for each employment and each month as well as proof of any expenses that you would like to have deducted. We will assess these and let you know if any of these cannot be claimed.
Please note: HMRC does not accept payslips as proof of income and/or tax paid.
8. How do I get my rebate?
When we receive the refund cheque issued by HMRC, we will bank it and transfer your refund (less our 15% fee) to your nominated bank account almost anywhere in the world.
1st Contact Forex facilitates over 100,000 international money transfers around the world every year. Our most popular destinations include South Africa, Australia, New Zealand, Poland, the Eurozone and the United States.
9. When is the financial year?
The financial year, commonly known as the tax year, runs from April 6 until April 5 the following year (for example, the 2014/2015 tax year ran from 6 April 2014 to 5 April 2015).