Happy New Tax Year! Today is the first day of the new tax year so enjoy that extra £350 personal allowances (or £29 a month) and remember to check your payslips that you are on code 1185L and HMRC are not skimping on you.
As many students find out every year, being a student doesn't exempt you from paying tax and if you earn over £227 a week or £957 a month then HMRC are expecting you to chip 20% of anything over those amounts into their coffers.
As the old tax year is now closed, any overpayment of tax from last year will be sent to you by HMRC so you do not need to go to any of those Tax Refund companies who promise to get you a refund.
These companies will charge you an admin fee (usually £20) and up to 40% of the tax repayment obtained for simply getting you to fill out a form which they then pass to HMRC claiming your refund.
You can simply write a letter to HMRC asking them to check if you overpaid tax last year and if you have then they will send you a cheque and you get 100% of any refund.
Unless you are particularly keen to give your money away to a company who get you to do all the legwork then take your form and simply forward it on to HMRC, then avoid companies like these and keep all the money you are owed.
You earned it and it's your money so why should someone else take 40% of your money for something you can do so easily yourself in a couple of sentences or a 2 minute telephone call?
The HMRC address to write to to ask if you had overpaid tax is:
Pay As You Earn and Self Assessment
HM Revenue and Customs
BX9 1AS
The telephone number is 0300 200 3300
1 comment:
Tax is already paid on the income so this is overpaid tax which the Government is paying back after they have taken their share.
As the vast majority of my students work in fast food outlets or shops, not sure the abusing the sick, poor and minorities is valid. Ok, maybe the ones working in Burger King.
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