There may be only two certainties in life: taxes and death; individuals should investigate whether or not they have overpaid any tax since it’s estimated that 33% of the working population have at some point paid too much. This article examines the means that can be emplyed to recoup overpaid tax.
In answer to this somewhat very short question, ‘yes’.Paying tax through the PAYE (Pay As You Earn) tax scheme, doesn’t neccessarily mean that you aren’t paying too much tax! But you could well be wrong to make this assumption.
Some accountancy companies estimate that as much as 30-33% of the working population is paying too much tax, so it doesn’t matter if you are self-employed, employed or you are on the Construction Industry Scheme, you may well be paying too much tax.You could very well be paying too much since it’s estimated that 1 in every 3 people are!
There are basically two ways that you can reclaim any tax that you have overpaid.Help in reclaiming any overpaid tax, can be sought via approaching Her Majesty’s Revenue and Customs department. Or you can find a good accountant to see if you have paid too much tax, or even a specialist tax recovery firm.
Whilst Her Majesty’s Revenue and Customs may be more customer- friendly than they used to be, it is unlikely that they will fall over themselves to go through your tax records and find out if you have paid too much tax.They simply don’t have the resources to do this, to be fair, even if they had the inclination to do it!Kick starting the process by putting in a lot of effort has to be done by you when initially claiming your tax back.
So you should talk to an accountant, or do an online search for tax specialists, who often have a free calculator that you can use to ascertain whether or not you have indeed paid too much tax.These are quite easy to use, but ensure you have all your tax related paperwork in front of you.An accountant that’s good which springs to mind for e.g. is Wrexham chartered accountants, here you will get the best service ever. You can however, do an online search for accountants in your area, again, for e.g. North Wales Accountants.Numerous accountant companies will be listed in the directory; from here you can choose the best.
Do not assume therefore that simply because you are on a PAYE tax scheme you will automatically be paying the correct amount of tax. Mistakes are made and people often slip through the net, so it may well be worth your while checking out if you are due any overpaid monies and then trying to get the money back, so it is in your pocket, rather than HMRC’s.Deciding how you will spend the money will be your only decision.
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