The UK tax year ends on 5 April 2024, the HMRC processed the tax rebate after 6 April 2024 for the 23/24 tax year. The taxpayers get the overpaid tax back with tax rebates (refunds). The article covers everything you wish to know about the UK tax rebate for 2024.
UK Tax Rebate 2024
UK taxpayers get rebates when they overpaid the taxes or are eligible for certain tax credits that provide tax relief. Most of the time the taxpayers who pay taxes through the PAYE system pay the taxes more than they owe to the agency, making them eligible for the tax rebate.
The UK people are obliged to pay taxes with income more than a personal allowance of £12,570, the income that counts in income tax is not only your earnings, it includes your pension amount, investments, etc.
So, three of five taxpayers make overpayments when they file for tax returns. Generally, the HMRC sends you a tax calculation letter (P800), when you overpay taxes or when you have taxes due to the agency at the end of the tax year.
However, the taxpayers registered for Self-assessment do not receive any such letter as their tax bill is automatically adjusted. The HMRC begins processing the tax rebate at the end of the tax year, 6 April. The taxpayers with self-assessment will automatically get the tax rebate from 6 April 2024.
The taxpayers who think they have overpaid their taxes would need to claim the tax rebate on the government’s official website.
- WASPI Payment Date
- UK Tax Brackets 2024
- DWP Eye Condition Payment 2024
- DWP Child Benefit Payments 2024
- DWP Budgeting Loan 2024
- DWP PIP Vouchers
- DWP PIP Rates 2024
On which overpayment do you receive the tax rebates?
The UK government allows tax rebates on the overpayment of taxes, the taxpayers may able to get a tax rebate when they pay too much on the following payment:
- Pension payment
- Pay from a job
- Redundancy payment
- Foreign Income
- UK income when you live abroad
- Self-assessment tax return
- The income you earned in the UK before leaving the UK
- Income earned from payment protection insurance (PPI) or savings
- Self-assessment tax return
- Job expenses work from home, clothing, fuel, etc.
- Income from a life or pension annuity
Taxpayers are eligible for tax refunds when they overpaid any of these payments or when their tax rebate is based on employment status.
The taxpayers who get entitled to the tax rebate based on employment status must know they would have to claim the tax rebate by themselves to receive the tax rebate.
When can you receive the UK tax rebate for the 2024 tax year?
As mentioned earlier, the HMRC processed the tax rebates automatically or sent the tax calculation letter to the taxpayers after the end of the tax year. The HMRC began the tax rebates processing after 6 April 2024.
The HMRC automatically calculates taxpayers’ tax returns and based on their analyses they pay the tax rebates to the taxpayers based number of factors such as
- The HMRC usually processes the tax rebates in 5 days to 8 weeks, the taxpayers involved in PAYE and the self-assessment system would have automatically received their tax rebates in their bank account without doing anything.
- Taxpayers who have filed electronically will receive their tax rebates earlier than the paper checks.
- Taxpayers who have filed taxes through paper checks would receive their rebates a little later than online tax rebates.
- The taxpayers who have received a P800 letter for a due refund and asked the HMRC to pay the tax rebates into their bank account via the HMRC app or PTA may receive the tax rebates within 5 days.
- The taxpayers who did not opt for direct bank account payment within 21 days of receiving the letter would get the cheque from HMRC, which would arrive six weeks from the date they received the P800 letter.
- The taxpayers who don’t have the option of direct payment in their P800 letter would receive the tax rebate cheque within 14 days.
- Taxpayers who applied for tax refunds outside of their self-assessment tax return will get the refund by cheque after the agency processed or reviewed their claim.
The HMRC usually sends the P800 letter after 6 April 2024 by the end of the tax year. However, some taxpayers can expect the letter in June 2024.
Deadline to claim the tax rebate in the UK
Taxpayers who think they have overpaid their taxes can claim the tax rebate for the tax year within four years. So, if you don’t receive any P800 letter or receive any tax rebates, then you can claim your tax rebate in the four-year time limit of the tax year.
So, for the 2024 tax year ended on 5 April 2024, the taxpayers can claim their tax refund by 5 April 2028.
After the four-year time limit the taxpayers can’t claim the tax rebates through the regular method. Taxpayers have to request tax rebates under Extra-statutory Concession B41 to request for their tax rebates. The concession will only be applicable on solid proof or error in your tax affairs, which is very rare for HMRC.
How to claim a UK tax rebate when you have not received P800?
The UK taxpayers who think they have overpaid their taxes and did not receive the P800 letter from the HMRC can claim the tax rebate on the UK government’s official website. You can claim the tax rebate through the following instructions:
- You need to fill the form P85 to claim the tax rebates online or by post.
- You can visit the government’s official website and check how to claim the tax refund to apply for the tax rebate.
- You must prepare all the documents that identify your overpayment like bank statements, P11D from your employer, P60 form, etc.
Remember, the self-assessment registered taxpayers would automatically receive their tax rebate, so in case you still haven’t received your rebate, you can contact HMRC.
The HMRC notifies the taxpayers about refunds via a P800 calculation letter, so make sure you choose the direct deposit method to receive your payment early. The taxpayers can expect the letter anytime soon depending on their local mailing service.