HMRC has urged Brits to find out whether they’re among the huge number of people missing out on a tax refund. In a post on X yesterday (Thursday, June 25), the UK tax authority wrote: “Could you be one of the million missing out on a tax refund?”
It called on taxpayers to log onto the HMRC app to “easily manage your money and claim any tax you’re owed”, with a link to the GOV.UK website. It comes after the most recent HMRC date showed around 730,000 refunds went unclaimed last year, Sky News reports. The average value of the refund was £855. In order to get your money back, you must submit a claim four years from the end of the relevant tax year, the outlet adds.
In most cases, tax is deducted automatically from wages and pensions, though in some cases you may need to submit a Self Assessment tax return.
If you’ve overpaid, HMRC may notify you to claim the funds, though it isn’t always automatic. There are various reasons why you may have overpaid.
This includes being assigned the wrong tax code by HMRC and over or underpaid as a result.
This can occur for a few reasons, including if you’ve recently changed jobs, the benefits you get at work have changed, or you’ve started receiving pensions, according to chartered accountants and tax advisors Julian Hobbs & Co.
The app is by far the quickest way to submit get a rebate if you’ve paid too much tax, North Wales Live reports.
You can also use the app to check your:
- Tax code
- National Insurance number
- Income and benefits
- Employment and income history from the previous 5 years
- Unique Taxpayer Reference (UTR) for Self Assessment
- Self Assessment tax and how much you owe
- Child Benefit
- State Pension forecast
- Gaps in National Insurance contributions
Leave a comment