Taxman to cut time allowed to reclaim overpaid tax

[5corpio]

If you believe you are owed tax, then you need to get your skates on. HM   Revenue & Customs is cutting the time allowed to reclaim overpaid tax by two years between now and April. Taxpayers have traditionally had almost six years to reclaim any money that has been overpaid to HMRC. But by April this limit will be cut to just four years for all taxpayers.

The changes to tax deadlines were introduced by Alistair Darling when he was Chancellor in the 2008 Budget. Those in self-assessment had the four-year deadline imposed from April 2010. But those solely in the PAYE system, who have tax deducted only by an employer or a pension firm, were given longer.

They must reclaim money owed from the 2005/06 tax year by January 31 or they risk losing it for ever. They must reclaim money from the 2006/07 tax year by March 31. Tax overpaid in the 2007/08 tax year must be claimed by April 5. After this, the deadlines move on by one year, so money due from the 2008/09 tax year must be chased up by April 5, 2013. But taxpayers who miss these deadlines may be able to fall back on the little-known Extra Statutory Concession B14.....Read more here---: HM Revenue & Customs to cut time allowed to reclaim overpaid tax | This is Money

[mystery1]

Re: Taxman to cut time allowed to reclaim overpaid tax

Must get around to contacting them for my uniform cleaning rebate.

M1

[Never-In-Doubt]

Re: Taxman to cut time allowed to reclaim overpaid tax

Must get around to contacting them for my uniform cleaning rebate.

M1

Classic

I only just found out that because I purchase my own SIA licences that I get tax relief for them so I sent in a letter and got confirmation my code is now +£220 to cover the fee for each licence held.

Awesome

[5corpio]

Re: Taxman to cut time allowed to reclaim overpaid tax

Five ways to avoid overpaying your tax

Many of us end up paying too much tax or national insurance. Patrick Collinson outlines the main pitfalls

Don't overpay national insurance

You should stop paying national insurance when you reach state retirement age – 65 for a man and 60 for a woman (rising to 65 in 2015). Lots of people who work part-time after their state pension age, either for an employer or self-employed, wrongly pay NI. You can apply to HMRC for an age exception certificate if you continue working so that you don't pay NI contributions, and can claim back previous overpayments. If you're below pension age, you may still be overpaying NI. "If you have two or more jobs, or mix a full or part-time job with some freelance work, you could be in the area of overpaying NI," says John Whiting, director of the Chartered Institute of Taxation. For example, you may have overpaid if you had more than one job and your combined earnings were more than £844 a week in the 2010-11 tax year. Find out how to reclaim at Direct.gov.uk

Get your tax code right

Some people have overpaid thousands of pounds in tax through having the wrong tax code. It's that figure on your payslip, usually three digits followed by an L, such as '725L', and it tells your employer how much to deduct from your pay packet. A 747L code means you can earn £7,475 a year tax-free. Your tax code is adjusted (downwards) for any untaxed benefits you receive from your employer, such as.......Read more here-: Five ways to avoid overpaying your tax | Money | The Guardian