lccuk.org

Submitted by: Kay Daniels

As the new tax year comes to an end within the next few days, Millions of people across the country are receiving notification of coding. These letters contain details of what tax code you are to be placed on for the 2011/2012 tax year.

Historically, millions of tax errors occur during this period and could have easily been avoided by checking to ensure you are on the correct tax code. A tax code like 747L is issued by the tax office to ensure that your employers transfer all the benefits of your personal allowance.

Although the above might seem irrelevant but as mentioned earlier, overlooking something seemingly incongruent as the tax code could cost you in the long term. An estimated 1 in 3 people are due tax refunds and arent aware of it. There are several ways of finding out if you are due a tax refund.

First you would need to get hold of the P60s from the years you think you may have overpaid tax (within the last 6 years). An online tax refund calculator would help you ascertain if you could be due a refund and how much. For your convenience, I have attached this link: www.taxrefundme.com

As of today, all but one of the registered tax agents researched have a minimum tax refund requirement. What that basically means is that they would need your refund amount to be over say 100, otherwise, the contract you sign with them allows them take all your money in fees. That seemed a little tight to me because, none of the tax agents give you a guarantee of what you would receive from the tax office before your application. Looking at some of the registered tax agent, I cant find any without a minimum tax refund amount requirement except us. They appear to abide by the Association of Tax Agents membership requirement that says their member agents all use a separate bank account to pay business bills to the bank account used to receive tax refunds.

Once you confirm your gross estimate for the last 6 years, people tend to apply online through a registered tax agent. They have been known to help a number of people claim refunds according to their testimonials on their website. It shows you how much tax back people in the past have received through using them; the record tax refund amount known is 5000! I also think the chat service they have is pretty cool although I havent used it myself, it would be a useful tool to clarify any questions you may have.

As of today, all but one of the registered tax agents researched have a minimum tax refund requirement. What that basically means is that they would need your refund amount to be over say 100, otherwise, the contract you sign with them allows them take all your money in fees. That seemed a little tight to me because, none of the tax agents give you a guarantee of what you would receive from the tax office before your application. Looking at some of the registered tax agent, I cant find any without a minimum tax refund amount requirement except us. They appear to abide by the Association of Tax Agents membership requirement that says their member agents all use a separate bank account to pay business bills to the bank account used to receive tax refunds. This does not give justification for anyone to part with your refund because its below a certain amount!

If you may be due a tax refund, our advice is to apply ASAP otherwise it gets written off unclaimed after 6 years. The tax office isnt responsible for ensuring you pay the correct amount in taxes, you and I are!

About the Author: Kay Daniels, one of the nation’s leading tax experts. Learn more about Kay Daniels and the services he provides like Online Tax Refund and other Overpaid Tax related issues call us at: 01274953255 OR visit our website:

taxrefundme.com

Source:

isnare.com

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