HMRC tax letters issued in specific months can | European Markets

Taxpayers who could possibly be owed a refund from HMRC have been urged to look out for a key letter from the tax physique. And the letters are usually despatched between June and November.

Tax consultants at accountancy firm HW Fisher have shared some recommendations on refunds, saying there are lots of causes you be owed an quantity from the taxman.

The group pointed to 4 causes you might be owed money, together with:

• Being on the incorrect tax code
• Altering your job
• Modifications to your pension contributions
• If you’re on a Authorities allowance, comparable to Jobseeker’s Allowance and Employment and Assist Allowance.

Self-employed people might also be owed a tax refund. One motive could possibly be if they’ve made tax funds based mostly on an estimated income that was increased than what they really earned.

They could even be due some tax back as they’d business-related bills which are tax deductible, that they haven’t claimed when calculating their tax legal responsibility.

Simon Blum, tax director at HW Fisher, urged people who assume they’re owed money to have a look at their tax information and bills. He stated: “Check your tax records and expenses.

“You are able to do this by logging onto your personal tax account on the HMRC web site or contacting HMRC immediately.

“Claims can be made for up to four tax years, but in more complicated cases seeking professional advice from an accountant is advised.”

He additionally inspired people to make sure they declare work-related bills, comparable to cleansing, changing or repairing work uniforms, petrol prices and different skilled subscriptions or memberships associated to your job.

Mr Blum issued a phrase of warning about scams, stating that HMRC would by no means contact you about a tax rebate through textual content or e mail. He cautioned: “HMRC-related scams are on the rise, and it is important to be vigilant.”

How will I be told if I’m owed a tax refund?

Mr Blum urged people to look out for a key letter from HMRC about tax refunds. He stated: “You should receive a P800 letter from HMRC if you have paid too much tax. This will outline how much you are owed and how to claim a refund.

“Nonetheless, in some circumstances you might additionally obtain a Easy Evaluation letter when you have underpaid your tax and need to make a cost.”

You will only get a P800 if you are not within self assessment, if you are in employment or if you receive a pension. The letters typically go out between June and November.

Self-employed taxpayers can get their tax refund from HMRC by completing their self-assessment tax return. The deadline to complete this for the current tax year is January 31 this year. After this date, you will need to make a claim directly to HMRC.

How do I claim a tax refund if I get a P800?

Mr Blum said it’s a “easy and fast course of” to assert your tax refund when you get this letter advising you that you’re owed money.

You possibly can declare the funds by logging into your Authorities Gateway account and finishing all of the steps, and the money ought to arrive in your account within 5 working days.

After logging into your online Authorities Gateway account and finishing all the mandatory steps, the money ought to be in your account within 5 working days. You may also declare a refund by means of the HMRC cell app.