What you should know about tax rebates      

Written by Andres Bryant. Posted in Family

Being a small business owner is not at all easy taking into consideration the stress levels which are typically associated with claiming tax rebates. A tax rebate is a refund which is granted when your business liability is less than the monetary contributions you have paid the current financial year. If your business meets certain criteria, then you have the opportunity of claiming a UK tax rebate and get back the money that you have paid. If you are expecting to receive a refund this year, this is what you should know:

Who to address

Every business is required to report its earnings to the HM Revenue and Customs (HMRC) at the end of the financial year. If you have found that that your tax code is not correct, you will have to notify the HMRC about your findings. You can expect a rebate at the end of the financial year if the code has been corrected by the HMRC. If they are aware of the fact that you have paid too much the previous year, you are likely to have your money returned by the end of July, so there is not much that you can do. In order to find out if you can expect a refund, you should check the P800 tax calculation or get a free estimate from Tax Returned.

Documents you will need

When trying to get a rebate form the HMRC, you will have to prove that you have overpaid. In addition to this, you will basically need evidence that can help you speed up the process and get you tax refund. Banks will have to give you copies of statements and even invoices can be reproduced when necessary. All of this will only help you speed up your claim. Even if you have never made a claim before, you should know that it is not very complicated. As long as you have documents to support your claim. You have nothing to worry about.

Be aware of bogus emails

If the HM Revenue and Customs believe that you have a strong claim, you will contacted for personal information. However, you should be very careful when giving your personal details. If someone approaches you to offer you a refund, you should not easily give bank account information or credit card details. You risk handing over your information to frauds or having it sold. The legitimate rebate form, called the P800, contains a payment order and does not require your credit card details. So, you should not reply to any email you receive in the behalf of the HMRC.

If you have not received your refund

Of course, mistakes do happen and you may have to wait a little longer until your receive your due money. If there is a problem with your refund, then your claim may be incomplete or the HMRC simple needs more information. What you should do in this case is get in touch with them and explain your current situation. If you choose to write you should include your Unique Taxpayer Reference and bank details.  

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