If you complete a tax return and are due a tax refund, the burning question that is at the front of your mind is – “when will I get my tax refund?”. It is, after all, your money and you understandably want it back.
The answer is – not long after you submit your tax return.
To give a scenario; you have been issued with a 2015 tax return, in early April 2015, and you complete and file it with HM Revenue and Customs (HMRC) on 31 May 2015. If you have a tax bill, then usually it will be payable by 31 January 2016.
If, however, you are due a tax refund, then it will be sent out in a couple of weeks. If you put your bank details on your tax return, it will be paid directly into your bank account, making the refund process even quicker.
So for all the bad press which HMRC receive, at least they will give you your money back quicker than they expect you to pay it. HMRC’s official line is “within 5 weeks“, although the reality is sooner. We should know, we submit plenty of tax returns for clients who are due tax refunds.
Therefore, if you expect that you will be due a tax refund, it’s a great reason to get it dealt with sooner rather than later. After all, why let HMRC have your money longer than they should?
Warning! If you are due a tax refund, it is generally because you’ve overpaid tax, either under Self Assessment or through PAYE or CIS. In all these cases, HMRC have the means to verify the amount of tax which you have paid. Therefore, it is vital to be certain that the amount of tax which you have paid is correct.
If you need help with completing your tax return and getting your tax refund back, please do not hesitate to contact us.