Tax refunds and redundancy

Everything you need to know about claiming a tax refund after you have been made redundant

Now we know just how upsetting it can be to be made redundant and when you are busy worrying about where your next pay cheque is going to come from, claiming a tax refund might be pretty low on your list of priorities. But it is possible that you may have paid too much tax while you were working and we at DSR Tax Claims want to help make life as comfortable and easy as possible for you, including making sure that you aren’t missing out on money that it rightfully yours. We hope that you aren’t undergoing a redundancy situation right now – but if you are then our handy guide can help you know where you stand with regard to your tax rebate. And if you have any questions, then give our helpful team a call on 0330 122 9972 and let us help you.

Can you claim a tax refund after losing your job?

Whether you have been dismissed or made redundant, if you have been paying too much tax while you were at work, you are entitled to claim that overpaid tax back. Our online calculator can help you work out whether you are entitled to a refund or you can call our friendly team on 0330 122 9972.

What about if you were self-employed?

Because you generally make payments on account when you are self-employed, which tends to mean that you pay towards next year’s tax bill, if you stop working it does probably mean that you have paid too much tax – after all, you have already paid a bit of next year’s bill. If you don’t fancy sorting this out through your self-assessment return then give us a call on 0330 122 9972 and let us sort that out for you.

Is your tax code too high?

HMRC assume that you will make regular tax payments all the way through the tax year so if you lose your job some way into that tax year, your tax code may be set too high so you will be paying more tax than you should be. If you get another job pretty soon afterwards, your new employer should sort that out for you as long as you give them your P45 as soon as possible after starting your new job.

However, if it takes you a bit longer to find new employment then you will have to claim that money back yourself. DSR Tax Claims can help you get your maximum refund as well as deal with all of that annoying paperwork, so give us a call on 0330 122 9972 and let us get you your money back.

Is your redundancy money subject to tax?

If your redundancy pay is less than £30,000 then it is not subject to tax, although you would still have to pay tax on any holiday pay or pay in lieu of notice that you might also receive. Make sure that you check the paperwork that you get with your redundancy payment to make sure that you haven’t had any income tax deducted from your redundancy payment.

Can you still claim a refund if you are claiming benefits?

If you have claimed Jobseekers Allowance, Employment and Support Allowance, Carer’s Allowance or Taxable Incapacity Benefit then you won’t be able to claim a refund from HMRC, using form P50. Unfortunately, you will have to try and claim your tax back through the benefits system.

If you think you are owed a refund due to redundancy, call our friendly and professional team on 0330 122 9972 and let us get you your maximum refund fast.

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