With the cost of living increasing and household incomes declining, most of us are on the lookout for ways to make or save some extra cash. Despite this, however, many people are missing out on money they may be owed through tax rebates, simply because they don't know that they are eligible to claim.
Once you start researching the matter, you'll find that there are quite a few types of people who may be eligible to claim tax back. The list includes everyone from students and part-time workers to those become unemployed, self-employed and who leave the country to live aboard.
As well as these groups of people, full-time UK workers may also be able to claim. If you start a new job and your employer isn't sure which tax code to put you on, you may end up on an emergency tax code. This code means you pay far more tax than you need to, but don't worry - you are entitled to claim tax back.
Not everyone earns enough to pay the full tax rate, however, including part-time workers and students. Take the example of students, who only tend to work part-time because of their academic workload. They won't be earning enough to exceed the current tax allowance threshold, so they shouldn't be paying a full tax rate. The same goes for part-time workers or low earners, who may also be eligible for a tax rebate.
Other people stop working, become self-employed or leave the country mid-way through the year, but they are still taxed on a full-year rate whilst still in employment. These groups of people may also be able to claim tax back for part of the year.
It doesn't cost anything to find out whether you are eligible for a tax refund, and you could end up with hundreds of pounds extra in your bank account. So, even if you think an incorrect calculation has been made with your tax, it's always worth finding out.
Once you start researching the matter, you'll find that there are quite a few types of people who may be eligible to claim tax back. The list includes everyone from students and part-time workers to those become unemployed, self-employed and who leave the country to live aboard.
As well as these groups of people, full-time UK workers may also be able to claim. If you start a new job and your employer isn't sure which tax code to put you on, you may end up on an emergency tax code. This code means you pay far more tax than you need to, but don't worry - you are entitled to claim tax back.
Not everyone earns enough to pay the full tax rate, however, including part-time workers and students. Take the example of students, who only tend to work part-time because of their academic workload. They won't be earning enough to exceed the current tax allowance threshold, so they shouldn't be paying a full tax rate. The same goes for part-time workers or low earners, who may also be eligible for a tax rebate.
Other people stop working, become self-employed or leave the country mid-way through the year, but they are still taxed on a full-year rate whilst still in employment. These groups of people may also be able to claim tax back for part of the year.
It doesn't cost anything to find out whether you are eligible for a tax refund, and you could end up with hundreds of pounds extra in your bank account. So, even if you think an incorrect calculation has been made with your tax, it's always worth finding out.
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Do you think you might be eligible to claim tax back? Why not take a look at www.taxrebate.co.uk ?
