Claiming a tax refund is only applicable for people who paid too much tax on various occasions. For example, employees spend too much tax on current or previous jobs, pensions, life or pension annuity, redundancy payment, interests from savings, foreign income, UK income, and fuel and clothing costs.
Like other government fees, there is a due date for every payment. In 2022, there are a few dates that individuals should remember and not miss out on to reclaim their tax refund for the year seamlessly, and here are some of them.
1. 31 July 2022
Individuals who want to claim a tax refund should submit their application to HMRC within one year of the end of the tax year. For example, those who would like to claim their tax refund for 2017 but have not already submitted their refund application for 2017 should offer the refund before 31 July 2022. No one should file a refund application after the deadline.
2. 5 October 2022
The due date for applying to those who want to claim a tax refund for 2017-18 is 5 October 2022. Those who wish to claim their tax refund in the following years should submit their application on the same date. Individuals who want to claim a tax refund from 2018 should submit their application within 18 months from the end of the tax year.
3. 31 October 2022
Individuals who wish to claim a tax refund for 2019 should submit their application before 31 October 2022. With that in mind, individuals who want their tax refunds to be paid in two or more instalments should inform HMRC by 31 October 2022.
The official HMRC site states, “If you want your refund to be paid in two or more instalments, you must tell us. You must also do this by 31 October following the end of the tax year.”
4. 30 December 2022
In the same vein, there is a deadline for individuals who wish to claim a tax refund for 2020. The application for a refund for the year 2020 should be submitted by 30 December 2022, with the first instalment of the refund for the year 2020 paid on 30 December 2022.
Potential Fines for Late Tax Returns
Regardless of the delay in filing for a tax refund, the taxman can still accept the taxpayer for not filing a tax return within 30 days of the end of the tax year. If the taxpayer fails to comply with the rules, the taxman will start imposing fines.
According to the official HMRC site, “HMRC can fine you up to £300 if you don’t file your tax return on time. If you are late sending your tax return, you need to pay a penalty of £100 if you’re due a refund and £400 if you’re not.”
How to File for a Tax Return
If a taxpayer is ready to submit his tax return, he can proceed to the HMRC ‘online service’ to file and pay. The system is simple but needs to ensure that all the information provided is accurate.
With the year-end tax approaches, individuals can start preparing to file for a tax refund. Failing to file for a tax refund can be avoided by taking the necessary steps to file for a tax refund. As for those who have filed for a tax refund but were rejected, you should seek professional advice regarding the next steps.
Tax Refund Calculator aims to help taxpayers reclaim a tax refund they may have missed in the past. Our goal is to make applying for a tax refund seamless and straightforward for everybody. Learn how to claim a tax refund today by reading our past blog posts on the website.