Nicola Hardy, our practice manager, asks if you are due a tax refund?

Are you due a tax refund?

 

As you will know we entered into a new tax year in April and so at Rotherham Taylor we are now starting to file tax returns for last year – 2015/2016.

We do like it when we can get a client a tax refund, however that does mean that you have overpaid tax in the first place!

Here are some of the scenarios that could generate a refund:

•  Are you a subcontractor in the construction industry and already had tax deducted on all of your earnings?
• Have you had emergency tax deducted from your pay or could you have been on the wrong tax code?
• Did you stop working during the tax year or move overseas and had previously been employed and paying PAYE?
• Can you claim deductions against your earnings such as business mileage or employment related subscriptions?

Or, are you self employed and made payments on account for 2015/2016, but your profits have since decreased, you ceased trading, or you made a substantial capital investment that could also have decreased your profits?

Any of the above situations could result in overpaid tax. If you would like advice on the above and would like to get your tax affairs up to date asap then please get in touch.

If you aren’t lucky enough to get a refund then at least we can give you plenty of notice of your tax liability!