How Long Does It Take To Get Your Taxes
Do you think you might be owed a tax rebate and are unsure about how to go about claiming it? Or are you already certain that you are due a tax refund but find yourself looking at your bank balance and asking: how long does a tax rebate take? In this post, we answer all of your uncertainties and queries regarding claiming a tax rebate.
What is a tax rebate?
Let's start with the basics.
A tax rebate is when you've paid too much tax over the course of the financial year and is eligible to claim some of the tax back.
As an employee, you may think this doesn't apply to you. After all, you will be taxed using the Pay As You Earn (PAYE) system. This means your income tax will be taken out of your paycheck before you receive it, as well as deducting any National Insurance contributions. However, the amount that's deducted won't always be correct. There are various reasons you can end up overpaying tax as an employee – we'll discuss a few of them below.
If you overpay tax, that means you'll need a refund – and that's simply what a tax rebate is!
If you're self-employed and are not on a payroll system, you too can be eligible for a rebate – this, however, goes through the Self Assessment System.
A tax rebate can be claimed for up to four years after the year in which you overpaid your tax. So, it's best not to think about the financial year, rather the four years as a whole.
How do you know if you are owed a tax rebate?
If you are employed and not self-employed, there are plenty of ways that you can qualify for a tax rebate.
Often this is because you were actually entitled to a discount on your tax bill and you failed to claim it.
There are various things that can entitle you to a discount on your tax bill. For instance, if you spend your own money on work-related travel, some of this can cost can be claimed back against your tax.
Some of the more common scenarios where your work expenses can entitle you to a reduction of your tax bill include:
- Travelling for your work.
- The washing and maintenance of your uniform.
- Tools you use that need to be repaired or replaced.
There are many others that we've discussed in our blog.
These are just some of the situations in which you might be due a tax rebate. And this rebate might be larger than you'd expect, especially given that you can claim over a four year period.
Read on below to find out the easiest way to claim your tax rebate.
How long does a tax rebate take?
So, let's get back to the main question: how long does a tax rebate take? In fact, this can depend on multiple factors. In most cases, however, a tax rebate takes between 8-12 weeks from submitting your claim to receiving the money. This can of course be longer and shorter depending on different circumstances.
If you are making a claim yourself, there are things you can do to get your tax refund issued faster. You can make sure that you have all of the relevant information and paperwork so that the HMRC don't come back asking for more information. You can also avoid submitting your application during HMRC's busiest periods, too, like near the Self-Assessment Deadline at the end of January.
Erase the hassle and choose The PAYE People
Okay, so now you know the kinds of things that can entitle you to a tax rebate, and how long it can take to receive one. But even if you think you might be able to claim, you might be put off by the work of applying. You may not be sure exactly what you can claim – if anything!
Instead of worrying about how to make a claim, let the experts at The PAYE People help you. Our tax refund specialists deal with every aspect of your claim and do all of the hard work for you. We provide you with your own dedicated expert who will prepare the claim for you whilst also dealing directly with the HMRC on your behalf. They will even contact you to remind you about important deadlines, to provide information such as:
- Receipts
- Monthly Payslips
- Photo ID
- Proof of Address
- MOT Certificates
So if you think you might be owed a tax rebate, get in touch with us today by either giving us a call or leaving an email.
How Long Does It Take To Get Your Taxes
Source: https://thepayepeople.org/how-long-does-a-tax-rebate-take/
Posted by: zimmerandreas.blogspot.com
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