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If you feel you have incorrectly overpaid tax on
your earnings or interest from your savings,
you can claim it back. Remember this will only
be the case if your taxable income is covered
by your tax allowances.

To start the process to get this tax back STS  suggests you should follow the steps below

1. Check you are within the time limit
to claim

The time limit for making a repayment claim is
five years and ten months from the end of the
tax year in which you believed you overpaid the
tax in the first instance. For example, if you
believed you overpaid tax in the tax year
2008/09, then you must make a claim for
repayment 31 January 2015.

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 STS  for advice if you feel this may apply to you.

3. Check the repayment
This maybe an obvious point, but many people simply do not check the repayment given to them by the Inland Revenue, even they make mistakes!

4. Ask STS to help
If you feel the completion of the above forms and procedure is just too much, or takes up valuable student time, then STS can arrange the whole process for you for a nominal administration charge of £30 plus Vat for the online service.

Click here » if you require our assistance in this respect.


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