Are You Due A Tax Rebate?

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With tax returns at the forefront of most contractor’s minds currently, we thought it prudent to bring to your attention the recent advice from Institute of Chartered Accountants, that all taxpayers should be vigilant in checking their tax codes and the amount demanded by HMRC.

The ICAEW’s advice is targeted particularly at those who have changed employer, have only worked part of the year (maybe having suffered redundancy), those who have become self-employed mid-way through the tax year and others who have seen significantly reduced income from a previously regular source, including investments, such as buy-to-let properties.

Anita Monteith, Technical Manager from the ICAEW Tax Faculty, says: “If your income has gone down, you may think that the payment on account you are being asked for the next year is too high. In this case, you can use form SA303 to ask for it to be reduced or apply online. You must make sure you tell the Tax Office should your income go back up later in the year, otherwise you may have to pay interest on any tax you pay late.

Further detail can be found in the ICAEW’s press release.