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Recently stopped working? You might have a tax refund waiting for you

by Kobus Van den Bergh | Sep 13, 2017
  • If you’ve recently stopped working, there’s most likely a large chunk of change waiting for you at HMRC in the form of a tax refund. This article will give you a good idea of whether you should get ready to claim some of your hard-earned cash back from HMRC.

    It matters how your employment ended

    The way in which you could potentially claim tax back from HMRC will depend on how your employment ended. However it happened, you’d do well to seek the advice of a tax professional to ensure that you are making the maximum claim that you are entitled to.

    If you were made redundant

    When you are made redundant, you are entitled to certain rights. These include a redundancy pay-out, a notice period, a consultation with your employer, the option to move to a different position and time off to find a new job. You must also be selected to be made redundant in a way that is fair – for example, you can’t be made redundant based on your age, gender, disability or if you’re pregnant.

    Over and above these rights, you could be due a tax refund if you were paying tax through PAYE (Pay As You Earn) while you were employed. This cash could come in handy since it may be some time before you start receiving a monthly salary again.

    It’s always best to claim your refund as soon as possible after the tax year has ended to ensure you get the most possible cash. The tax year runs from 6 April to 5 April the following year.

    Get your claim started today

    If you left your job

    If you left your job and you’ve been out of work for four weeks or more, and will not be working again in the tax year, you may be due a tax refund. This could be the case if you’re retired or returning to study.

    In order to apply for your tax refund, you’ll need to ensure you have all the necessary documentation sorted.  

    Did you leave your job to live abroad?

    You’ll need to get your tax affairs in order if you’re going to leave the UK to live abroad. If you’re leaving for more than one full tax year, you need to notify HMRC.

    To claim your tax refund in this situation you will have to send a form and submit a tax claim to HMRC. If you’re self-employed, you’ll need to send a Self Assessment tax return. When you do this, you can also notify HMRC that you’re leaving the UK. Take special care to ensure that everything on your form is correctly filled out. If you don’t, your claim may fail.

    Do note: You can’t use HMRC’s online services to tell them you’re leaving the UK or submit your Self Assessment tax return in these circumstances. You’ll have to send it by post, or get help from a professional, like an accountant.

    Get help with your return

    How far back can I claim?

    If you’ve stopped working any time within the last four years, you can claim a tax refund from HMRC. The amount of tax you can claim back will depend on how much you’ve earned and how much tax you paid on your earnings each month.

    We work on a no refund, no fee policy, so you really have nothing to lose, and possibly a substantial sum of money to gain. Start your refund claim now, or phone us on +44 (0) 80 8141 5503 if you have any questions.

    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.

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