Income tax refunds explained
Anyone is eligible to claim a tax refund if you have overpaid income tax in the current or last four tax years. There are strict deadlines to reclaiming an overpayment of income tax and it’s important to review your own tax position in full because HMRC ultimately leaves this responsibility to you.
There is a long list of reasons why you can overpay but it’s vital you only work with the facts and not make the often costly mistake of believing common tax misconceptions.
It’s not just about the tax you pay through your income with their being numerous other types including car tax, council tax, and VAT. Almost every financial part of our lives is taxed in one way or another. Evaluating what taxes you pay can assist you in maximising your household budget.