Every year, starting 6th of April, when the new tax year begins in the United Kingdom, you can recover overpaid taxes for the past year. Taxes may be refunded all persons employed or self-employed. The amount to be refunded depends on the income received and the tax paid.
It is important that your tax return is submitted on time, as you will be subject to strict HMRC fines when you miss the deadlines.
Often, people working in the UK pay more taxes than they should be. This happens if a person worked for less than a year or worked in several jobs. Sometimes it can be an employer's mistake; for example, due to incorrect tax code applied.
To recover overpaid taxes, you need to have documents that you receive from the employer: pay slips, P45, P60 forms. If you do not have the necessary documentation, we can help you order information about your revenue from the HMRC.
All self-employed persons must submit their tax return to HMRC by 31 January of the following year. Failure to submit these returns on time is subject to a fine. If you received a fine and do not know what to do, do not hesitate to call us and we will help you with the appeal so that the fine is reduced as soon as possible or cancelled altogether.
- If the tax return is not submitted on time (i.e. by October 31st - in paper version or before 31 January the online version), the fine is £ 100.
- An extra charge of £ 300 applies two months after the missed filing deadline.
- If you do not submit a tax return for more than six months, you will be charged an additional £10 for each delayed day.
Therefore, do not hesitate to contact us and we will arrange for your tax matters to be managed promptly and professionally.