Paid too much tax?  If so we can help you claim it back

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Income tax returns

Tax repayment claim

If you are in a position that too much of your income has been taxed at source, or your personal allowances exceeds your total income it is possible that you have overpaid income tax.

This can occur for several reasons, your PAYE code is incorrect, your employer has changed in the year, you have surplus allowances or all your income is taxed a basic rate etc.

This overpayment can be recovered by submitting a tax repayment claim for the tax year. The time limit for claims is four years from the end of the tax year.

Self Assessment tax return

Under the self employment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

More on Self Assessment tax returns.

Capital Gains Tax (CGT)

Capital gains tax arises on the profit or gain you make when you sell or dispose of an asset. It IS important to remember that the following is classed as a disposal:-

  • Selling it
  • Give it away as a gift
  • Transfer it to someone else
  • Exchange it for something else
  • Receive compensation for it ie insurance payout if it has been destroyed

Of course not all asset disposals are liable to CGT, some assets are exempt and others are covered by reliefs ie: private residence relief on your main residence.

CGT – Private Residence Relief

When you sell or dispose of your own home you don’t usually have to pay CGT on the disposal as Private Residence Relief will apply. Obviously there are some conditions to satisfy, the main one is that its your only home or main residence.
Even if it has not been your main residence for all the period you have owned it, you may be entitled to part relief and or other types of reliefs ie: Letting Relief.

If you own more than one home it could be beneficial to you to submit an election to HM Revenue & Customs stating which is your Principal Private Residence.

CGT – Capital Losses

Gains and losses are calculated separately for each asset. If allowable losses exceed chargeable gains in the tax year, the net loss is carried forward to set against the next available net gains ie after the allocation of the annual exemption.
It is important that Capital Losses are reported to HM Revenue & Customs when there occur as you only have 5 years and ten months from the end of the tax year to make a claim for losses.

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