How Much Tax Are You Liable To Get Back?
How Much Tax Are You Liable To Get Back?
The extent of tax relief that you will receive completely depends on the rate of tax you pay. For instance, if you’re a basic rate taxpayer who claims tax relief on £1,000 on allowable expenses, you are liable to obtain £200 which is 20% of £1,000.
If you file for tax relief claim for the current tax year, HMRC will adjust your tax code like it normally does and subtract less tax so as to account for this. If you’re claiming tax for a previous year, you’re likely to receive a cheque or bank transfer for the total amount you’re owed.
Tax2u Ltd © Copyright 2022. All Rights Reserved.