We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Almost half a million taxpayers sought income tax refunds from HMRC, data reveals

12 Dec 2019

Nearly half a million taxpayers sought income tax refunds from HMRC in the 2018/19 tax year, according to insurer Royal London.

Royal London submitted a Freedom of Information (FOI) request, and revealed that 460,000 taxpayers chased HMRC for refunds in relation to overpaid income tax in 2018/19.

The insurer found that individuals changing jobs in 2018/19 and taxpayers being subject to changes to taxable benefits were the main reasons for tax being overcharged.

The FOI request revealed that the total value of repayments to taxpayers in 2018/19 was £5.1 billion.

Commenting on the data, Becky O'Connor, Personal Finance Specialist at Royal London, said: 'This goes to show it's a good idea not to assume the taxman is always right about what he says you owe.

'Always check your tax statement for the year and keep a note of any unusual changes to your income that might mean you have overpaid.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2020 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.