It’s worth checking if you’re due to some money back
HMRC is encouraging taxpayers across the UK to check if they’re due a refund, outlining who may be entitled to money back. There are various reasons why individuals could be owed money, including issues related to pensions, employment income or self-assessment tax returns.
In a post on X, previously known as Twitter, HM Revenue and Customs stated: “Think you’re owed a tax refund? Manage your money and tax easily with the HMRC app.”
This call to action comes as those born before 2011 have also been advised to verify their eligibility for refunds. HMRC explains that you might be eligible for a refund – officially referred to as a rebate – if you’ve overpaid tax.
A 2022 Kantar report commissioned by HMRC disclosed that a significant number of people in the UK either overpay or underpay tax each year, according to Chronicle Live, reports the Mirror. The report revealed: “HMRC issues a high volume of P800 tax overpayment notices to taxpayers each year (around 3.5 million in 2021).”
A P800 informs taxpayers whether they’ve overpaid or underpaid tax. Taxpayers should receive a letter indicating if additional tax is owed or if they’re eligible for a refund – it also specifies the amount involved and details how the payment or refund will be processed.
On GOV.UK, HMRC highlights that: “you may be able to get a tax refund (rebate) if you’ve paid too much tax. Use this tool to find out what you need to do if you paid too much”.
You can also verify if you’re due a refund on the HMRC app, which is available for download via the App Store or Google Play. There are several ways in which people may overpay tax, including:
- job expenses such as working from home, fuel, work clothing or tools
- interest from savings or payment protection insurance (PPI)
- pay from a job
- a Self Assessment tax return
- a redundancy payment
- income from a life or pension annuity
- foreign income
- a pension
- UK income earned before leaving the UK
- UK income if you live abroad
