Top 10 Reasons you may be owed a Tax Refund From HMRC

As Employers start to hand out P60 forms to millions of Employees many of which could be due to a uk tax refund


There are Many Reasons Why you may be due a tax Refund Here are a few examples.

1. If you started a new job your employer may have given you an emergency tax code for a while or they may have been using the wrong tax code
2. You may have only worked for part of the tax year
3. You're a student and didn't complete form P38S Student Employees form to put you on the right tax code
4. You had multiple jobs
5. Other income you have that is taxed through your tax code for example, savings/investment income has reduced since you last told HM Revenue & Customs (HMRC) about it - which means the amount of income included in your tax code is too high
6. You ceased working and didn't get any taxable income or benefits for the rest of the tax year
7. Your working circumstances changed - e.g. you changed from part-time to full-time working or became self-employed
8. You were made redundant and didn't work for a period of time.
9. You work in the construction Industry (CIS Refunds)
10. You have worked out of UK Seafarers Tax Refunds

As we work on a No Refund No Fee Basis you've got nothing to loose and plenty to gain so why not apply online or give us a call Freephone: 0800 071 6766.

Real Time Reporting causes problems

With the introduction of RTI the HMRC are trying to make Income Tax simpler, but fears are being raised that it is simply causing headaches and extra workload for Employers.

Whilst HMRC wants employers to provide correct National Insurance numbers for their employers in their PAYE submissions wherever possible, there will be occasions where a National Insurance number isn't available (for instance, when an employee is under 16 years old). Read more 
http://www.hmrc.gov.uk/news/rti-nvr.htm

There have been other problems already with a late change on which businesses need to implement RTI now, small businesses with less than 50 employees have been granted an extension to October. Despite the requirments it seems that HMRC's computer systems have already had a glitch http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9980356/HMRC-struggles-with-computer-glitch-amid-PAYE-shake-up.html

To make matters worse Thousands of staff at HM Revenue and Customs (HMRC) have gone on strike, potentially causing difficulties for those looking to get their tax affairs in order.

The strike has been timed to fall at the same time as various changes to the PAYE tax system come in to place. Up to 55,000 workers at call centres and enquiry centres have been on strike during these changes, making contact with the HMRC challenging for many.

We can make it easier to claim your tax refund and save you the hassle of trying to reach someone at HMRC. We've already told you about the problems of trying to reach the HMRC back in december.https://www.taxback.co.uk/blog/2012/20-million-calls.aspx 

Travelling on a budget?

Travelling can be an amazing experience, whilst on your trip you are likely to discover new places and new people. Every traveller has a budget and whilst its amazing how you can make your funds stretch to include places you didn't think you could afford. But did you know that if you including working in the UK as part of your trip then there is a good chance that you may be due a tax refund?

Here at Taxback.co.uk we can make it easy for you to reclaim any overpaid taxes meaning that rather than cutting your trip short you might be able to visit more exciting destinations. Imagine what you could do with an extra £1367 ? Thats our average tax rebate. Perhaps you might visit another city or even another country!

Taxback offer a free, no obligation tax rebate consultation and a low commission rate. We will take care of the whole tax rebate process from beginning to end, ensuring that all the correct forms are completed and filed with HMRC. Apply now to get your taxback!

Real time PAYE how will it work?

In less than one month the biggest change to PAYE for 70 years is due to happen. 

HM Revenue & Customs are urging employers to ensure that they are prepared to switch over to a real-time reporting.
The scheme, which comes in from 5th April, will see PAYE reported on or before the date payment is made, while changes to a person's circumstances will be made straight away rather than at the end of the financial year. It is hoped that the new way of reporting will be is quicker, easier and more accurate. HMRC is holding a week long Twitter Q&A (11 March – 15 March) to give employers the opportunity to ask RTI related questions. To take part or ask a question, follow @HMRCgovuk on Twitter and use hashtag #RTIqa

Real-time reporting has been piloted since, with more than four million individuals now reporting their pay through the scheme.
There have been ongoing concerns over how some businesses might implement the system, with ICAEW representatives in November informing MPs the requirement to report pay "on or before" the date payment is made is "at best, unrealistic and at worst, impossible", adding "the proposed rules do not take account of the real world".


Richard Burchell, owner of Burchell & Associates in South Croydon, a chiropodist with five PAYE employees already using the new RTI system, said: "We're part of the pilot and we've been using it since June last year [June 2012]. We've had absolutely no trouble at all, but it's important to have good software and support for that software.

HMRC's director-general of personal tax Ruth Owen said: "Employers can find all the information they need about the new system on HMRC's website and small businesses can download free software to help them get ready. So whatever the size of your business, wherever you are based, whatever you do - if you employ people, it's time to get ready."

Although HMRC's modern approach of using twitter to answer questions regarding RTI is encouraging, how many small businesses are actually ready for this change? Many small businesses are strugling in the tough economic market place and small business owners simply have not had time to find out how this change will affect them. Before RTI comes into force all businesses need to ensure that all the Employee information they have is up to date.

New Tax Code for 2013 What does it mean?

So what does the introduction of a new tax code mean? The basic Personal Allowance will be £9,440 and the basic rate limit will be £32,010

• The new threshold (starting point) for PAYE is £182 per week (£787 per month).
• The new emergency code is 944L.

So what does this mean to you? 2012/2013 the basic Personal Allowance was £8,105 so it means that you will be able to earn an additional £1335 per year (£25.67 per week) tax free. So anyone working in the UK and earning under £32,010 will see an increase in the amount you receive after tax.

You may or may not receive a PAYE coding notice, your employer should receive this change and it should be applied for your wages from 5th April 2013. 
 
If you have worked in the UK and have left the country before the end of this tax year then make sure that you claim back the tax which you've overpaid.

With an average tax refund of £1367 *2011/2012 average there are plenty of things you could do with that money. Perhaps your travelling? Imagine where you could go with the extra money, it could pay for an extra stopover on your trip, it could pay for you to visit another country or simply extend your trip.

Paying a premium to speak with the taxman.

"The taxpayers and claimants who phone HMRC do not have a choice about whether they interact with the department. Despite some welcome improvements, HMRC has acknowledged that its performance in providing services to the public has been unacceptable.

"HMRC faces difficult decisions about whether it should aspire to meet the service performance standards of a commercial organization. It could do only by spending significantly more money or becoming substantially more cost effective."

Amyas Morse, head of the National Audit Office, 18 December 2012

Last year in the region of £33 million was spent waiting on the phone to talk with the taxman. However an HMRC spokesman said it was 'determined to deliver the quality of service to which our customers are entitled.'

So how have they managed not to answer 25% of all calls with those who did get through having to wait an average of four minutes?

Here are some facts from the National Audit Office (NAO):

• 6.5million customers waited more than ten minutes to have their call answered;
• Customers are charged a premium rate as soon as their call is connected (or left in a queue!);
• One in four calls unanswered - 74% (20million calls 2011-2012);
• Chairman of the Public Accounts Committee (Margaret Hodge) said taxpayers were getting a "substandard" performance;
• It's un-acceptable that HMRC uses 0845 number.

What can you do?

If you are due a tax refund then let us take the pain away of trying to communicate with the HMRC. We do all the hard work for you from checking your forms to managing your tax refund. Brilliantly  we then pay the money direct to your bank account where ever you are in the world.

Oh yes - call us on our freephone number 0800 071 6766.