close menu

Could you have paid too much tax?

by Kobus Van den Bergh | Apr 25, 2016
  • If you’ve changed jobs, earnings or benefits during the last tax year, you could be entitled to a tax refund. It’s always great to have a little extra cash in your back pocket, so we’ve rounded up the 10 most common ways that you could have paid too much tax.
    Could you have paid too much tax

    Some credits, such as the PAYE tax credit, are given automatically, while others need to be claimed. If you have overpaid on tax in any way, you can claim for payments made over the past four years.

    Below are the most common scenarios in which you could have paid too much tax:

    1. You started a new job and had an emergency tax code for any period of time. If you have worked with a tax code starting with BR and OT, you will very likely be due a tax refund. Tax codes 1100L W1, 1100L M1 and 1100L X will generally result in the correct amount of tax being paid, but it is always worth checking for overpayments under these codes.
    2. Your employer was using the wrong tax code. You can find your tax code on your P2 Notice of Coding, your P45, or on your wages or pension payslip.
    1. You were not employed for the full year.
    1. You are or were a student who only worked during holidays and didn’t complete form P38S.
    1. You had more than one job at the same time.
    1. You had other income, which was taxed using your PAYE code. An example of this could be where HMRC has attempted to collect the tax due on savings or rental income via your PAYE code, but the amount that has been included in the code is too high.
    1. You stopped working and didn’t receive any taxable earnings or benefits for the rest of the year.
    1. Your employment circumstances changed. For example, you retired, were made redundant or became self-employed.
    1. You have taken a pension in the form of a lump sum rather than a small monthly amount. This often results in the tax paid on the lump sum being higher than the basic rate of tax.
    1. If you have worked as a subcontractor in the construction industry on the Construction Industry Scheme (CIS) basis. In this case, you would have paid tax in advance as the contractor usually deducts a proportion of the money due to their subcontractor at source. The deducted amount is then passed directly to HMRC and counts towards the subcontractor’s tax and National Insurance. Please note that CIS requires a Self-Assessment tax return to be filed.

    How do you get your money back?

    Quite easily. Complete this form, send us a few signed documents, and we’ll do the rest. No need to worry about long queues or endless phone calls. Get your money back from the comfort of your couch.

    We operate on a strict no refund, no fee policy – so you have nothing to lose and possibly hundreds of Pounds to gain.

    Ready to get started? Fill out our online tax refund assessment form as a guideline of what you might be owed, or call us on +44 (0) 808 141 5503.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

    • Tax refund money
      11 excellent ways to spend your UK tax refund
      Apr 09, 2019  |  by Kobus Van den Bergh
    • London-business
      The UK still the best country for business in 2019
      Apr 04, 2019  |  by Scott Brown
    • Contractor choosing door
      Contractor insurance: Choosing the right cover for your risks
      Mar 12, 2019  |  by Kobus Van den Bergh
    • Making Tax Digital for VAT
      Making Tax Digital for VAT deadline: What you need to know before April 2019
      Feb 18, 2019  |  by Scott Brown
    • Businessman-running
      Did you overpay HMRC? Here’s how to get your tax refund
      Feb 07, 2019  |  by Kobus Van den Bergh
    • Business
      Will 2019 be a good year for UK contractors? IR35 and the loan charge
      Jan 24, 2019  |  by Ashley Deakin
    • Business-concept
      Moving your business to the UK? You’ll need to understand the UK’s VAT regulations
      Nov 12, 2018  |  by Scott Brown
    • Autumn-statement-banner-no-logo-white
      Highlights from the 2018 Autumn Statement
      Oct 30, 2018  |  by Scott Brown
    • man-in-front-of-shop
      A quick guide to UK business tax
      Oct 26, 2018  |  by Scott Brown
    • working-man-contractor
      Self-employment vs. contracting in the UK: What’s the difference?
      Oct 11, 2018  |  by Kobus Van den Bergh
     
     

    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.