Calculating Your Tax Refund

Have you overpaid your taxes? There are simple, easy to use websites out there that can quickly enable you to claim a tax refund. If you haven’t earned enough during the fiscal year to meet the tax threshold, have been given the wrong tax code, you are in full time education or charged emergency tax then you could be in line for a tax rebate from HMRC.

One of the best and easiest ways to see if you’ve been overtaxed is to use a web based UK tax calculator. As well as calculating a variety of taxes it should function as an income tax calculator. Remember, up to 1 in 3 people in the UK have been taxed incorrectly, meaning that they are potentially owed hundreds.

Using a UK tax calculator is easy and all you need is some basic knowledge about yourself and your salary.  Simply entering the tax year, gross pay and tax code could create an accurate tax reading showing how much you could get back in over charged taxes. Using the web as a basic income tax calculator is a great idea, and, if you find that you are owed some money, the next steps should be easy to follow.

The next step you will need to complete is to create a profile with whichever website has provided you with the tax calculation. Because you are using a service, they will ask for a minimum sum from your tax refund which is either calculated at a set price or a percentage. The service then typically offered is self-explanatory and intuitive and allows you to choose which tax year you wish to make a claim for.

You can keep your information securely in the new account you set up and even predict when you will be due a tax refund before you have actually paid.

 
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