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Am I Paying Too Much Tax?
By Credit Card Consolidation | February 5, 2010
There may be only two certainties in life: taxes and death, but with something like 33% of the working population being estimated as overpaying tax, it is worth individuals investigating whether or not they have also overpaid.Recouping overpaid taxes and the means of doing so, are examined in this article.
The short answer to this question is very likely to be ‘yes’.Paying tax through the PAYE (Pay As You Earn) tax scheme, doesn’t neccessarily mean that you aren’t paying too much tax!But you could wrongly be making this assumption.
It doesn’t matter if you are self-employed, employed or are on the Construction Industry Scheme. Find out whether you have been paying too much tax as some accountants have estimated that between 30-33% of the population may well be paying too much.You could very well be paying too much since it’s estimated that 1 in every 3 people are!
Claiming any tax which has been overpaid can be done in two ways;.Help in reclaiming any overpaid tax, can be sought via approaching Her Majesty’s Revenue and Customs department. Or you can find a good accountant to see if you have paid too much tax, or even a specialist tax recovery firm.
Whilst Her Majesty’s Revenue and Customs may be more customer- friendly than they used to be, it is unlikely that they will fall over themselves to go through your tax records and find out if you have paid too much tax. To be fair, they simply don’t have the resources to do this, even if they had the will to do it!Kick starting the process by putting in a lot of effort has to be done by you when initially claiming your tax back.
So you should talk to an accountant, or do an online search for tax specialists, who often have a free calculator that you can use to ascertain whether or not you have indeed paid too much tax. These are quite easy to use, but you do need all your documents to hand, about how much tax you paid etc.An accountant that’s good which springs to mind for e.g. is Wrexham chartered accountants, here you will get the best service ever. Another way of finding accountants in your area is to do an online search e.g. North Wales Accountants.Numerous accountant companies will be listed in the directory; from here you can choose the best.
Do not assume therefore that simply because you are on a PAYE tax scheme you will automatically be paying the correct amount of tax. Mistakes are made and people often slip through the net, so it may well be worth your while checking out if you are due any overpaid monies and then trying to get the money back, so it is in your pocket, rather than HMRC’s.Spending it is the only decision you are left to make.
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