tax refund: claiming tax back is easy
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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.TRANSCRIPT
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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
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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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