Too late? HMRC may not refund you

If you are due a tax refund from HMRC because of an overpayment, don’t leave it too late to claim your money back—HMRC may not refund you!

‍You may have overpaid H.M. Revenue & Customs (HMRC) for a whole variety of reasons:

• Your PAYE coding may have been wrong
• You may have forgotten to claim relief for something like a pension contribution or Gift Aid
• Your letting agent may have paid tax on your behalf that was greater than your liability for the year
• You may have simply overpaid when paying your instalments of tax.

HMRC says the taxpayer must make the overpayment relief claim within four years of the end of the relevant tax year or accounting period. So, for instance, that means that if the overpayment occurred in the year ended 5th April 2020 you have until 5th April 2024 to make your claim. After that the money is gone for good.

HMRC goes on to say a taxpayer cannot appeal HMRC’s refusal to accept a late claim.

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The information contained in this article is believed to be correct at the time of publication. The content of this article is intended to be a brief summary of the principal points of the legislation or proposed legislation only, and it is provided for general guidance only. It may not take into account subsequent changes in the law and of necessity it omits much detail. Taxation is a complicated subject and is subject to change. You should only rely on advice prepared specifically for you. Neither the writer nor Landlords Tax Services Ltd can be held liable for any loss arising from any act or omission by you as a result of your understanding of this article. If the subject matter is of interest you should contact us to see if there is a relevant update, and to take professional advice which takes into account your circumstances.