Various Reasons That May Be Due On The Tax Rebate From The Government
Posted by David on August 14th, 2018
A tax refund is a process when the tax paid by you to the government is more than the liable amount of tax required for you to pay. In such situations, you can ask for the refund of these taxes from the government as per the guidelines and procedure. Honest taxpayers can often get a tax rebate on their income taxes. Income tax is the most common forum for the tax rebate issue. These tax refunds are usually paid at the end of a financial year after the calculations of the taxes are over. There is, however, a difference between a tax rebate and a tax deduction.
Reasons You May Be Due On Tax Refund
- Tax Code –often when you are working for a new employer they provide you with an emergency tax code, or they may have been using a wrong tax code. This is an issue which stores an amount of tax to be refunded to you.
- Work A Part Of The Year –when you work a part of the year, you are supposed to pay the part of the tax for the year part that you worked. In case you paid the tax liability for the whole year, you can ask for a refund of tax.
- Student And Haven’t Filled The P38S Form –when students are working after their studies and haven't filled this P38S form; they are liable for a tax refund. Without filling in the form, they are not yet liable to pay any income tax to the government.
- Multiple Jobs –when you are working more than one job, you are still supposed to pay the assigned per cent of the tax. There is no increment in the tax, and you don't need to pay double the tax from both the work source.
- Stopped Working In The Middle Of The Year –if you have stopped working in the middle of the year, you are to pay a lesser amount of tax. In case you pay the whole amount you can ask for a refund.
- Construction Industry –the people in the construction industry pay the taxes and receive the CIS refunds for their work. They are aware of this policy and often avail of the service as well.
- UK Seafarer Tax Return –this is another form of tax policy that if fulfilled the payer should receive a tax refund. You should also Claim tax back when leaving the UK as at that time you will have no connection to the government and if you delay the refund claim beyond that particular year, things may get complicated for the rebate process.
It is your hard earned money, and you should claim for your tax refund from the government. There are many reasons that you may be due on the tax rebate process as mentioned above. These various schemes and uncertainties are often unknown to most of the populace, and as a result, they miss out on the tax refund.