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Income tax reclaim rules set to change
10 March 2010Posted by Alex Turner
Umbrella company employees who may have paid too much income tax have only a few days before rules are changed in regards to making a reclaim.
According to citywire.co.uk, millions of pounds of overpaid tax goes unclaimed every year, something that is particularly common among elderly people.
March 21st is the deadline for individuals believing they have overpaid tax during the 2004-05 financial year, while those wanting to reclaim for 2005-06 have a deadline of April 5th.
The news provider stated that the elderly tend to suffer most because they "simply don't understand" the system.
Others who may need to claim include workers who may have been put on an emergency tax code or those who file for self-assessment.
Taxpayers receiving income from investments may also wish to apply for a reclaim.
In some cases, an employee may need to claim some tax back because their employer has placed them on the wrong tax code, while reclaims may also be necessary for individuals only working part of the year.
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