2. Complete and submit the relevant form to reclaim the tax a. On savings - to reclaim tax paid on savings you should complete a form R40 and return it to your Tax Office. The tax office will accept claims during the year if the amount is more than £50. Sometimes the bank / building society deal with the repayment by refunding the tax into your account if you submit form R85 to them in good time. So check carefully before submitting form R40 to the Inland Revenue.
If the claim is for £50 or less, you should apply on form R40 at the end of the tax year in which the tax was overpaid. b. On earnings - If you believe you have overpaid tax on your earnings then you should complete form P50 and submit this to the tax office along with any supporting documentation, such as your P45 or P60 to enable the Inland Revenue to verify your earnings and any tax paid. If your tax affairs are more complicated, ie you have further sources of income or allowances, then you may need to complete a full Tax Return with any supplementary pages. Contact for advice if you feel this may apply to you.
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