Am I Paying Too Much Tax?
There may be only two certainties in life: taxes and death; individuals should investigate whether or not they have overpaid any tax since it’s estimated that 33% of the working population have at some point paid too much.Recouping overpaid taxes and the means of doing so, are examined in this article.
In answer to this somewhat very short question, ‘yes’.You may well be thinking, well I can’t be paying too much tax, as I am employed and I pay tax on the PAYE (Pay As You Earn) tax scheme!Making this assumption could very well mean that you are wrong.
It doesn’t matter if you are self-employed, employed or are on the Construction Industry Scheme. Find out whether you have been paying too much tax as some accountants have estimated that between 30-33% of the population may well be paying too much. This means that 1 in every 3 people is paying too much tax and you could well be one of them!
How can I reclaim any tax that I have overpaid? well, there are basically two ways;.You could ask for help from Her Majesty’s Revenue and Customs department if you need advice on how to reclaim any overpaid tax. Or you can find a good accountant to see if you have paid too much tax, or even a specialist tax recovery firm.
Whilst Her Majesty’s Revenue and Customs may be more customer- friendly than they used to be, it is unlikely that they will fall over themselves to go through your tax records and find out if you have paid too much tax. To be fair, they simply don’t have the resources to do this, even if they had the will to do it!The process of getting your tax back needs to be kick-started by you so this means loads of effort.
So you should talk to an accountant, or do an online search for tax specialists, who often have a free calculator that you can use to ascertain whether or not you have indeed paid too much tax.You need all your documents to hand about how much tax you have paid beforehand, although they are quite easy to use.An accountant that’s good which springs to mind for e.g. is Wrexham chartered accountants, here you will get the best service ever. Searching online for accountants in your area is also another method.g. North Wales Accountants.Numerous accountant companies will be listed in the directory; from here you can choose the best.
Contributing to the PAYE tax scheme doesn’t neccessarily mean you are paying the right amount of tax, so do not assume this.Check out whether you are owed any overdue monies, as mistakes are often made and people slip through the net; the money is better in your pocket rather than the HMRC’s. Then all you have to do is decide just how you will spend it….
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