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| Have
you been given your P45 recently? |
More and more people have stopped working
over the past 12 months, for reasons such as redundancy, early retirement
or to pursue other interests.
If you have stopped working at some
point within the last 6 years part- way through the tax year, you
are probably eligible to claim a tax refund from HMRC. Below we
have a compiled a list of common questions and answers:
I have stopped working, can I claim
any tax back?
Yes. If you have stopped working any time within the last 6 years
you can claim a tax refund. If, however, you stopped working during
this tax year (after April 5th) you will need to wait until the
end of the tax year before making a claim.
How much Tax can I claim back? Can I claim it all back?
This depends on how much you have earned and how much you have paid
in tax. Sometimes you can claim back all the tax that you have paid
in the year that you stopped working. For an estimate of your tax
rebate, you can use our tax
rebate calculator.
How can I check to see how much my tax rebate will be?
On your last day of employment you should have been given a
P45 from your employer. On the P45 there will an amount of income
and tax paid for the year. Input these numbers into our tax
rebate calculator and it
will tell you instantly if you are due a tax refund and how much
your refund is likely to be.
What if I have lost my P45 or my employer never gave me one?
Claiming tax back without a P45 is possible. All you need to
do is write to your previous employer and ask for a 'Statement of
Earnings'. Your previous employer is required by law to provide
this and the Inland Revenue accepts this document as a sufficient
replacement for a lost P45 or P60.
Is it possible to claim my National
Insurance back also?
A portion of your National insurance payments can be claimed and
transferred into a private pension. More information is available
on our NI
rebate pages.
Do you have any more questions?
If you have a question that has not been answered please send us
an Email: stopped_work@taxfix.co.uk
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