If you believe you have overpaid tax or missed claiming some relief in an earlier year then you should reclaim this from Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.... before it is lost for good!
You can claim overpayment relief to recover overpaid income tax, Capital Gains Tax ("CGT") applies in certain cases when an asset is sold for more than it was originally purchased. The taxable gain (profit) may be triggered following the transfer of an asset, although commonly this would follow a sale. A number of tax reliefs are available to exempt or reduce the tax that may apply. Basic tax planning may..., Class 4 NIC or corporation tax or to reduce an excessive assessment.
We have recently filed overpayment relief claims which have included:
- Higher rate tax relief due on pension contributions;
- Relief for foreign tax credits omitted from an earlier years tax return;
- Correcting an excessive assessment to income tax;
- Reclaims for overpaid Class 4 NIC, in particular where clients have incurred interest charges on a partnership business loan.
These claims have ensured our clients have paid the correct amount of tax and generated significant repayments for them.
Once four years have passed from the end of the relevant tax year or accounting period you are no longer able to make an overpayment relief claim. So, if you have a claim to make in respect of the year to 5 April 2009, this must be made before 5 April 2013. Otherwise the opportunity is gone.
If you would like our assistance in reviewing your position and making an overpayment relief claim for the year to 5 April 2009 or any subsequent year please get in touch at the earliest opportunity.