There are many ways a tax overpayment or tax refund can arise. Many times you may not even know an income tax refund is due and HMRC rarely tell you.
With experience of most UK tax refunds I can help identify and calculate any refunds for you and advise the most appropriate way to claim the money back.
PAYE refunds often arise if you:
- Recently arrived in the UK,
- Spent periods working abroad or
- You left the UK part way through a tax year.
Other refunds may arise on pension or investment income that has tax deducted at source over and above your tax due for a year. This often arises when you have retired abroad but not considered your UK tax position.
With planning there are often opportunities to restructure the way your income is taxed to ensure the lowest tax rate.
If you have any idea you may be due a refund, let me check and give you certainty.
In some circumstances with electronic filing a refund can be in your UK bank account within 3-5 days!