The end of the tax year is around the corner (5 April 2009), where leading Financial Services group 1st Contact affirm that copious opportunities can emerge should individuals who are eligible for tax refunds submit their tax returns at the right time.
During an economic downswing 1st Contact is of the belief that the creation of additional cash will enable individuals to pay off their debt and boost their savings, which has become increasingly difficult since the cost of living has hit new heights as the UK economy continues to plummet. On the brighter side, the additional funds that can be easily generated from a tax refund can enable consumers to indulge in the luxuries that were more accessible to them before the economic turmoil hit the UK. This could take on the form of investing in a well deserved annual holiday or perhaps indulging in a bit of shopping therapy. According to 1st Contact, the average refund that is received from the Inland Revenue is £950, where there have been exceptional cases of refunds totaling £1000- £17 000.
The submission of tax returns has earned the unenviable reputation of becoming an intimidating and difficult process, where 1st Contact has demystified this myth. Through the assistance of 1st Contact’s online and customer service driven tax refunds process, coupled with 15 years of experience – makes tax return submissions as easy as it gets. A free tax assessment can be completed to determine if you are eligible for a tax refund together with the submission of online applications by visiting www.1stcontact-taxrefunds.com
1st Contact have provided the following advisory tips and tricks to ensure that individuals get as much of their tax back as possible, during this trying economic time:
- The most optimal time to submit your tax return is in the months before the end of the tax year, namely December-April.
- Always include your employment information and ensure that your employer provides the required P60’s at the end of each tax year and the P45 at the end of your employment period. It is advisable to keep all this documentation in a safe place.
- Make sure that you claim any business expenses from your employer before the end of the tax year.
- Allow 1st Contact to deal with the Inland Revenue on your behalf.
- Be aware of online tax agencies who advertise cheap commission rates. If these companies or individuals are not protected by the Association of Tax Agents, then your tax refund won’t be guaranteed should the company run into financial difficulty.
- Never take things for granted and assume that your employer has done everything correctly. Always check that all the details, including your salary and tax code are correct and that your employer has registered you with the Inland Revenue. It is advisable to get all the facts and details 100% correct the first time in order to prevent the possibility of facing penalties at a later stage.
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