Claiming tax back in UK after losing your job

Losing your job is one of the worst things that can happen. Not only do you have to cope with the stress of this particular life experience, but also you have to start looking for employment right away. You can control your attitude, but you will still need money in order to pay the bills. The first thing that you should do is contact the Jobcentre Plus and learn to what help you are entitled. You are eligible to things such as housing benefits, but it is important not to forget that you have the opportunity of claiming tax back in UK regardless of whether you have been made redundant or dismissed. You should not waste time and take measures in order to get your money back.

Determine if you are entitled to a tax refund

If you have lost your job, there is a likelihood that you have paid too many financial contributions. However, you need to be sure before claiming a tax refund. The best way to determine if you are eligible for a rebate is to use a tax calculator. The P45 will tell you just how much money you have made in the current tax year. To be sure whether or not you qualify, you can use the tool that is provided by the HMRC. In only a few minutes, you will find out if you can get a tax rebate. It is important to mention that a calculator will only provide you with an estimation, which means that it will not accurately reflect your financial situation.

Steps towards claiming tax back

You may think that requesting a reimbursement of your financial contributions is a complicated affair, but the truth is that it is not. The first thing that you will need to do is get your hands on the P50, which you can download from the website of the HM Revenue & Customs website. The form has to be sent to the HMRC, but so do parts 2 and 3 of the P45 form. The P45 form is provided to you by your employer. Sometimes the reimbursement is handled automatically. More precisely, when you are made redundant the rebate is processed by the Pay As You Earn system.  The situation gets complicated if you have already claimed taxable benefits. It is obvious that the financial contribution that you make impacts how much you owe. What you should do is send Part 2 and Part 3 of the P45 to the Benefit Office.

Final considerations

Losing your job is indeed and unpleasant situation, but it is possible to avoid a financial blow. A tax rebate will help you survive until you find employment. The simplest way to get your money back is to claim a tax refund UK online. The HM Revenue & Customs has simplified citizens’ access to their account, so making a claim is not as difficult as it used to. As long as you are resident in the UK, you are entitled to a refund.