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Tax refund: Claiming tax back is easy by Yash Dhenker
Tax refund: Claiming tax back is easy by YASH DHENKER
Article Posted: 06/03/2013
Article Views: 13
Articles Written: 1
Word Count: 465
Article Votes: 0
Tax refund: Claiming tax back is easy
Business
Paying tax is a fact of life for most of us but some of us end up paying more tax than required and
leave us out of pocket. However, only a few of us know that we can claim tax back and this is the
reason why we leave our hard earned money to go for no reason.
It is very important to be aware of your duties and rights if you want your money to be utilized in the
right way. In this article we will discuss how to claim back tax if paid more than required.
Your earning is surely yours but you need to pay some money in the form of tax for various services
offered to you buy government. However, if you find somehow that you paid more tax then you can
also apply for the refund. You need to do the necessary things to get your money back as quickly as
possible.
The very first thing you need to find is whether you paid too much tax. You can consult an
organization offering such services who will guide you all the way long. Various such organizations
are active in UK. They provide with tax refund calculator UK to help you calculate how much
you paid extra which you can claim. Another important thing to note is the tax code under which you
are taxed. If it is incorrect then it's important to check they have it right and in this case you can
claim tax back.
You should also know that claiming tax is absolutely free. However, if you hire any such company
that offers to reclaim tax overpayments on your behalf then they can ask for rebate. But the thing is
that claiming for the overpayment is very easy and you can also do the things on your own so there's
no point hiring them. However, you should consider hiring such a company only in the condition you
think that you can't do on your own or if you have left UK with no plans to return. In this case, these
companies file for tax return and then transfer the money in your account in any part of the world you
stay.
Now discuss how to claim back tax. It depends on various factors, for instance, the code under
which you have paid. There are different procedures followed for refund. If you have paid through
PAYE or through self assessment tax return then procedures followed are same. You need to fill the
necessary form to claim the refund. You have four years to submit the claim and get the money you
paid as extra. However, tax paid on savings interest can be claimed within five years. You can
contact your tax office for all the details.
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