Finsol Tax Advisors is one of the leading firm and we provide a range of accounting and taxation services and we have a team of Accountants in London.
Tax Refund: It is a refund of tax which has been overpaid. There are a number of reasons why tax may have been overpaid, including:
• You start a new job and are taxed under an emergency code for a while
• You marry or form a civil partnership and you or your spouse or civil partner is born before 6 April 1935
• HM Revenue and Customs (HMRC) sends the wrong tax code to your employer or your employer does not use the correct code
• You are self-employed and you make payments on account for the following year, under the Self Assessment scheme. These payments are too high because of a change in your circumstances, for example, there has been a downturn in your business. You have not made a claim to reduce your payments on account and your final tax liability turns out to be less than the tax you have actually paid
• you’re a pensioner with more than one occupational pension and your tax-free personal allowances have not been allocated properly so you’ve paid too much tax
• You have more than one job. The employer at your second job will automatically deduct tax at basic rate so you may not get the benefit of all your tax-free personal allowances. This will frequently apply if you are a student or low-paid worker.
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