We are a business with more than three decades of experience in the accounting industry. It is our job to provide clients with a series of specialist services to help with their finances. Our skill and expertise have made us the leading establishment specialising in tax returns Walthamstow has. As a result, you can come to us if you have a problem or need a reliable service.
One of the more positive elements of taxes is tax refunds. Everyone loves the idea of receiving one. There are lots of situations where overpayments happen without the taxpayer or HMRC knowing. These occur when a taxpayer hasn’t made a claim for a tax refund for specific expenses or items. What’s more, many of the refund claims aren’t automatic. You have to manually make them. Our intention in this post is to discuss some of the common reasons why people end up needing to get a refund.
Not claiming allowances
Firstly, there are unclaimed allowances for things like preserving your work clothing. This is definitely one of the more common areas of refunds. HMRC knows that it is often necessary for workers to maintain and clean their own work garments. This comes at a cost too. Sometimes, HMRC go so far as to permit special rates for separate occupations. However, many people don’t know they can claim for these expenses so they overpay their tax.
Are those codes correct?
Incorrect PAYE codes in operation also lead to tax refunds. In many cases, we discover that HMRC has distributed the wrong PAYE codes to employers. Alternatively, the employer could have input an improper PAYE code themselves. A common example is where taxpayers have been put into an emergency tax code, BR. What this means is the entire salary would be taxed at 20%, with zero deductions for the Personal Allowance.
PAYE codes can come with other irregularities as well, which also turn into repayment scenarios. The most important thing to do is review these codes in operation, and ensure that allowances and deductions were sound for that employment.
Ask us about tax returns in Walthamstow
At Brian G Lonis & Co, we will help you with everything relating to your taxes. That is what makes us the most useful partner. Our solutions are high in value and are sure to be cost efficient too. We achieve the latter with our no frills approach, only charging for the help and service you need.
We are proud to be the top business working in tax returns Walthamstow has. So, if you need us, feel free to get in touch.