The UK the financial year runs from April 6 until April 5. If you don’t work for the entire 12 months you could be due for a tax refund. Lucky you!
You should receive your money back in six to eight weeks.
Tax-free thresholds
If you earned less than £8105 in the 2012/2013 tax year, you should get it all back. If you’ve earned more than that, you should still get a portion back, depending on how much you’ve earned and how much of the year you’ve worked.
Use a tax agent
A lot of people find it’s easier to have a tax agent prepare and submit their claim, albeit in exchange for a commission. You should receive your money back in six to eight weeks.
Many of the tax agents listed in TNT Magazine offer free tax-return calculators on their websites, so if you know how much you’ve earned, you can used them to get an idea of how much you’ll get back.
Tax agents:
1st Contact Tax Refunds
Anglo Pacific
Freedom Tax Refunds
Do it yourself
It is possible to submit the claim yourself — all the relevant forms (those leaving before the end of the tax year and not returning will need a P85) can be downloaded from HM Revenue and Customs (formerly the Inland Revenue).
Where to send it
Once you’ve filled out the forms, send them off to the relevant HMRC office. To find your HMRC office you need to know your employer’s tax office code (it should be on your P60 or P45) and then go to the HMRC tax office locator.
Any questions?
See our money advice forum.
