A recent alert from HMRC is prompting Brits to check whether they might be owed money. It is thought that about one million people may be missing a refund, with the average amount being £500.
Why might I be due a refund?
As the tax office carries out annual checks, it may identify that an individual may have paid too much tax that year. The reasons for this might be a change in job, income, or tax code. If this applies to you, you should receive a P800 tax calculation letter explaining how to claim the refund. You can also check this through your Government Gateway account, the HMRC mobile app, or by checking your tax code on pension statements or pay slips.
If you are unsure about this or any other aspect of tax, it is worth consulting an accountant. It is straightforward to find accountants in your area with a relevant internet search. For example, a search for Cheltenham accountants will give you results like https://www.randall-payne.co.uk/services/accountancy/cheltenham-accountants/.
Making a claim
If you are due a refund, you can do this online. Usually, the money you are owed is sent to your bank account within a few days of being processed. You can claim refunds owed dating back to four years, meaning that some people could be owed thousands of pounds.
Is it a scam?
Although this alert is genuine, there are many scams around tax refunds. If you receive a text, phone call, or email that requires upfront payment or sensitive information to issue a refund, it will not be genuine.
