If you’ve got a heartbeat – quick check! – you could have paid too much tax. Whether you work or not. If you’re 9 or 90. Married or single. Gay or straight. Religious or… you get the picture. When it comes to charging us too much tax Her Majesty’s Revenue & Customs does not discriminate. It will overcharge anyone regardless of race, gender, age or disability. And frequently does.
So much so the Revenue admitted recently that three million people had paid £250 million too much tax on their savings. And it wants to give it back!
The interest earned on savings has plummeted recently as the Bank Rate has fallen to historically low levels. But that doesn’t stop the Revenue taking its share. It snaffles 20p in every pound of the interest your money earns whether you should pay tax or not.
But if your income was less than £6,035 in the tax year (6 April 2008 to 5 April 2009) then you should not have paid this tax AND YOU CAN GET IT BACK. If you are over 65 that threshold is higher – £9,030, and £9,180 if you are over 75. From April the limits are higher still. Even if your income is a couple of thousand pounds above these amounts the Revenue has probably taken too much tax off you.
You can claim back the overpaid tax right back to April 2003. The Revenue will even pay you interest on the money it should not have taken. And you can make sure the tax is not deducted in future.
Children, part-timers, anyone who does not work or has a very low income – particularly those over 65 who can have bigger incomes before tax is due – may all be able to get money back. Call 0845 980 0645 or 0845 366 7850 or check out www.hmrc.gov.uk/taxback.
Go get it!
April 2009