Tax Refund After Redundancy
With the economy in a bad shape over the last 12/24 months many people have lost their jobs. There may be a silver lining for anyone that has layed off, in the form of a tax refund of many hundreds of pounds.
Claiming a Tax Rebate After being made Redundant
The reason that you may be due a tax refund is that everyone gets a tax free allowance (currently £6,475) a year. This allowance is normally distributed evenly through your pay cheque but if you loose your job then you will not have recieved your full allowance.
How to Calculate your Tax Rebate
The amount of your tax rebate will depend on how much you earned and how much tax that you paid during the tax year. Don’t forget that if you claimed job seekers allowance after you lost your job, that this is classified as income and it should be added to your total pay. Once you have calculated your total income and tax you can input the figures into our online tax rebate calculator. The calculator will provide an estimate of your refund.
How to claim Your tax back
You can make a claim now for any previous tax years now. If you lost your job in the current tax year (anytime between April 6th and today) you will need to wait until the tax year is finished. To make a claim yourself you will need to send your tax documents and your claim to your local tax office. Alternatively you can claim your tax rebate here.
Claiming for Previous Years
If you lost your job any time in the last 6 years you can make a claim for a tax rebate. You have nothing to loose by checking so it’s worth seeing if you could be due a tax rebate. The deadlines for claiming a refund are currently changing so we suggest you make a claim as soon as possible.
dave willis - Tuesday, December 7th, 2010
I was made redundant at the end of March this year 2010 and received the package in April although I am recieving a very small pension am I entitled to a tax refund I recieved approximately £36000 cash. but the tax man still took £26000 of my approximately £62000 redundancy I am 60 in January I await your reply on this matter.