How To Use Your P60 To Get A UK Tax Rebate?
Almost every eligible person in the UK makes sure that they have made a proper tax filing. A proper tax filing can help you to get an income tax refund wherever applicable. In a country like the UK, millions of pounds of tax refunds go unclaimed every year. Although many people know the fact that they are due for a tax refund of a few pounds, still, many of them ignore it. Some people are not aware that a good amount is held by the government which they can get with some specific procedures. P60 tax return form is important for claiming the refund of the extra tax paid. HRMC has made this form mandatory for getting a refund.
How do I get the tax rebate?
You can get your tax refund by following some procedures for it. For getting the tax rebate, the most common form that taxpayers must consider is Form P60. This form is provided by the employer at the end of the tax year. It shows the amount of money you paid and received during the tax year. If there is a tax refund amount due then you must mention it in the p60 tax return form. You can use the tax rebate calculator as per the UK taxation system for calculating the refundable amount. If in case, you do not get the P60 form then you ask for the statement of earnings from the employer.
What is a p60 tax return form?
P60 is a form that must be submitted while filing income tax returns. This form is essential as per the HMRC guidelines to show the tax deductions and refundable taxes. This form will also show the pay deducted for the National Insurance Contributions (NICs).
Why P60 Form is needed?
Your P60 tax return form is one of the better ways to show the income earned and the tax paid according to HRMC guidelines.
Some of the things when you may need to use the P60 form are:
– Applying for the mortgage.
– Filing self-assessment tax returns.
– For claiming the tax rebate.
– Making proper specifications as per the HRMC guidelines.
How to apply for the P60 tax return?
While applying for the tax returns with the P60 form, make sure that you have all the facts correctly collected. After getting the P60 form from the employer, you must use any rebate calculator for checking the overpaid tax to the government. After getting the P60 form from the employer, the refund application must be attached before sending. However, it is very important to fill in the correct information before sending it to the government office. Any mistakes can slow the processing of the form and you may have to send it again. Hence, it is better to take the help of the experts before sending it. They can notice the problems and mistakes in it. This will ensure that the proper corrections are made in the p60 tax return form and other related aspects. This can help to get the tax refund as early as possible. This will ensure you get the refund easily.
