3 Quick Questions to Grab Some Tax Back
Posted on Mar 27, 2023Ask yourself these 3 quick questions and you might be able to grab some tax back! You may be due £1,000 in tax back and there are a number of tax schemes you can backdate for the past 4 tax years. This financial year ends on 5th April 2023 so you can take advantage of tax rebates from 6th April 2018 – 5th April 2019.
So ask yourself these 3 quick questions…
Do you wear a uniform to work?
Like many of our members, you probably wear a recognizable uniform. Even if it is just a branded t-shirt, if you wash your uniform yourself, you can likely claim a tax rebate. The minimum allowance is £60 per year so it is worth checking out if you’re eligible for the uniform tax rebate!
If your tax code right?
Your tax code is the series of letters and numbers (eg 1257L) which tells your employer how much tax you should be paying. This little set of digits can have a big impact on your finances. It is your responsibility to check if your tax code is right or wrong. Millions of tax codes are wrong each year, meaning many people are overpaying the amount in tax and are due cash back. Many people are due £1,000s back from overpaid tax! Money Saving Experts Tax Code Calculator helps to check if your tax code is right, and tell you what to do if it’s wrong. You have until 5th April 2023 to check you tax code for the 2018/2019 year so act quickly!
Are you married?
There are around 2.1 million couples eligible for marriage tax allowance who are missing out on over £200! To be eligible you must:
- Be married or in a civil partnership
- One person in the marriage must be a non-income-taxpayer, and the other person should pay the basic rate of 20% tax
If you have been eligible for marriage tax allowance but haven’t claimed this for the past 4 financial years, you could be worth a total of £1,242. You’ll have to act quickly. With the financial year coming to an end, you only have until 5th April 2023 to claim your allowance back for the 2018/2019 year.
Apply for marriage tax allowance here
Remember, you may be owed £1,000s in tax back! With just over 1 week left to claim your tax rebate, make sure ask yourself these 3 quick questions to make sure you don’t miss out!