The warning is particularly pertinent for those whose income has changed in the past 12 months, as they may be eligible to reduce their payment, or even claim a refund
Thousands are being urged to scrutinise their payslips before a crucial deadline as an HMRC tax code error could leave you £3,500 out of pocket.
With the second “payment on account” to HMRC due at midnight TONIGHT, workers are being warned that they may be making payments that don’t reflect their current earnings or financial situation.
Robert Jones, CEO of tax refund company Swift Refunds, said: “Many people assume they just have to pay what HMRC tells them, but that’s not always the case.”
This warning is particularly relevant for those whose income has fluctuated in the past 12 months.
Workers who have experienced a drop in income due to losing clients, changing jobs or taking a career break since their last tax return could be eligible to reduce their payment, reports Birmingham Live.
They might even be able to claim a refund, instead of paying the full July amount. Robert stated: “We’ve seen clients reclaim thousands because they were on the wrong tax code, had fluctuating income, or didn’t realise they could reduce their payments.
“If you’re self-employed or have multiple sources of income, it’s worth speaking to a tax specialist, or at the very least, reviewing what you’ve been asked to pay this month.”
“You’re not doing anything wrong by making sure you’re only paying what you owe,” Robert added.
A tax refund is a reimbursement made to the taxpayer on any excess amount paid in taxes to the HMRC for that financial year.
If you’ve been forking out more tax than necessary on each pay packet, you could be due a hefty tax refund. Many UK taxpayers on the PAYE system are owed a tax refund without even realising it.
You can backdate your expense claims for the past four years. To kick off a tax refund claim you’ll need the following details: Photo ID (driving licence and passport) or, if you only have one of these you can provide proof of address (bank statement, utility bill, or tax bill) or P60 or payslip for each tax year you wish to claim for.
Most workers, whether they’re employed or self-employed may be due a tax refund for work-related items, expenses or because they’ve paid too much tax in the financial year.
HMRC aren’t aware of everyone’s personal circumstances, and it’s up to the taxpayer to get in touch with HMRC to see if they’re entitled to any tax relief.
Other reasons for a tax refund might include pension payments, redundancy payments, interest from a savings account, PPI, or UK income if you’re living abroad.
All claims for tax refunds and rebates are reviewed on a case by case basis. Use our tax claim form and answer a few straightforward questions to see if you could be entitled to make a claim.
