Claiming a tax refund

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not you complete a Self-Assessment return and the length of time

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not you complete a Self-Assessment return and the length of time that has passed since the tax was overpaid.

Claims can usually be backdated for up to four years after the end of the relevant tax year. This means that claims can still be made for tax refunds dating back as far as the 2017-18 tax year (which ended on 5 April 2018). The deadline for making claims for the 2017-18 tax year is 5 April 2022.

According to HMRC you may be able to claim a refund if you have paid too much tax on:

  • pay from your current or previous job
  • pension payments
  • income from a life or pension annuity
  • a redundancy payment
  • a Self-Assessment tax return
  • interest from savings or PPI
  • foreign income
  • UK income if you live abroad
  • fuel costs or work clothing for your job.

HMRC is currently undertaking the annual reconciliation of PAYE for the tax year 2020-21. HMRC use salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC use the P800 form to inform taxpayers. HMRC expects to send all P800 forms by the end of November 2021. The P800 will notify you if you have overpaid or underpaid tax.

If you need any assistance in understanding and checking a P800 form or making a claim for overpaid tax, we are here to help.

Source: HM Revenue & Customs Mon, 06 Sep 2021 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not.

If you are not registered for VAT, you do not have to add VAT to your sales and you cannot

Read More

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs.

HM Revenue and Customs (HMRC) is sending more than 1.4 million Child Benefit

Read More

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024.

The MDR relief

Read More