Tax Refunds: Know Your Rights

Posted in Banking on Tuesday, July 24th, 2012 at 17:12 by James Williams.

The complexities of taxations mean that actually knowing how to estimate what one is owed and what one owes others can be a very difficult task. Calculating it all can be reminiscent of a maths exam and if you’re like me and millions of others, the very sight of numbers creates feelings of confusion. From a selfish point of view, it is most important that we know what we’re due in tax refunds.

Knowing Your Entitlements

Although many people are unaware of what their due, HMRC could actually owe a whole heap of money. Construction workers who drive their own vehicles to temporary sites may very well be owed thousands of pounds. In fact, even those travelling via public transport could be able to claim significant sums of money.

Another common tax misconception is that you need to be fully blind to receive blind person’s allowance. If you are partly blind or have problems with your eyesight which are significant enough to affect your work, you’ll also be entitled.

Mileage allowances can be claimed by those using their own vehicle for business travel, while certain trades render one to be eligible for uniform or work clothes allowances.

Companies That Can Help

There are a number of companies that can help you discern what you’re owed in tax refunds and claim the money back. Rift UK for example help support workers with any money due to them, and only charge once they get their money back.

Learning the Ins and Out

Considering it may be losing you a good few thousand pounds a year, it is fundamental that you take the initiative to learn enough knowledge on tax refunds to ensure you do not miss out on any money entitled to you. This may not necessarily entail knowing the exact ins and outs of tax refunds but a bit of reading up on its regulations will go some way to ensuring you don’t end up missing a trick and losing money.

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