HMRC Tax Refund
There are a number of reasons for a Tax Rebate due to a taxpayer usually arising from tax overpaid in the Tax Year.
Subcontractors who usually have Tax Deducted at 20% or at 30% for those who are not registered.
The taxpayer then either completes a Self-Assessment Tax Return end of the each Tax Year to claim back the Tax or appoints an Accountant to complete on his or her behalf.
HMRC are carrying out rigorous and thorough checks this year before they are releasing any funds
Our advice would be to appoint an Accountant for some of the reasons 👇
- Expert Advice
- Tax Return Completed Accurately
- Submitted Online and updates on when the refund will be provided
- Assessment of total income and expense in detail
- Provide a set of Certified Accounts for Third Party purpose e.g. Loan/Mortgages/Accoutants Certificate
- Third Party Tax Insurance at a small additional cost to cover the Taxpayer should an enquiry arise
Of course, there is always the simple method, which is to declare the Income as per the CIS Certificates/vouchers/remittance advice and only claim £1,000 trading allowance expenses, which can be claimed against the income without any receipts/proof of payments.
However, many taxpayers believe they have higher expenses to claim, which can be justified but in some cases no proper records have been kept and therefore, HMRC have the discretion to hold back the refund and raise an enquiry and if the proof is not available they will adjust the amount of tax refund.
If you would like further assistance, advice or a service offering assistant with your Tax Return then please feel free to reach out for an initial free consultation
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