Claim these HMRC tax breaks or refunds before financial year ends on April 5
dailyrecord.co.ukTime is running out for people to claim refunds or allowances from HM Revenue and Customs (HMRC) before the 2021/22 tax year ends on Tuesday, April 5.
As the cost of living crisis deepens and millions of households try to deal with soaring energy bills, it is crucial that you do not miss out on any extra savings or potential boost to your finances.
Martin Lewis, recently shared four key areas everyone needs to check before the financial year ends because you can only claim tax back for a maximum of four years, which means any backdated claims will only be valid going back to the 2017/18 financial year until April 5 - after that date, claims can only be made as far back as the 2018/19 tax period. Martin’s big four to check include:A tax code is used by an employer or pension provider in order to work out how much Income Tax to take from an individual's pay or pension.Tax code 1257L will be the most common tax code for the tax year 2021/22 and 2022/23 and is expected to be unchanged until 2026.
It replaced tax code 1250L, which was the most popular tax code for the last two tax years (2019/20 and 2020/21).Martin warned: “Millions of these [tax codes] are wrong every year, but it’s not your employer’s responsibility, it’s not HMRC’s responsibility - it’s your responsibility to check.”He explained: “If it’s wrong and you’re overpaying then HMRC will owe you money, if it’s wrong and you’re underpaying, you’re going to get a big demand - neither of which are particularly good.”Martin shared that there are free tools available online to check your tax code and advised people to do it “quickly” and go back to the 2017/18 tax year to see if you are owed any money.More than two million couples have already applied for Marriage Tax
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