Don’t rely on HMRC to repay overpaid tax

“If you are breathing a sigh of relief at not having to complete a personal tax return perhaps you should double check as it may be costing you” so says Scott Burkinshaw, Tax Associate at Barber Harrison & Platt, the largest independent firm of chartered accountants in South Yorkshire.

He commented that by not completing a tax return many taxpayers fail to claim all the tax reliefs available to them on items such as:

• Pension contributions and charitable donations – extra tax relief is available for higher rate taxpayers (broadly those who earn more than £40,000 per annum).

• Professional subscriptions – these can be tax deductible if not reimbursed or paid by an employer.

• Mileage allowances – where employees are paid less than the authorised HMRC rate of 40p per mile, they can claim tax relief on the difference.

Those completing self assessment tax returns will normally claim relief for such items on their return but taxpayers who are not required to complete a tax return may well be missing out because HMRC will not automatically issue repayments of overpaid tax.

Mr Burkinshaw added “Salaried employees who are higher rate taxpayers are the most at risk group in terms of unwittingly overpaying their tax. However all taxpayers, particularly those who do not complete tax returns, should always ensure that they have not paid too much tax.”

ENDS 

Notes to Editors:

Barber Harrison & Platt is one of the leading firms of independent Chartered Accountants in the North of England. It is the only independent firm in Yorkshire to be listed in Accountancy Magazine’s Annual Top 60 where it is currently placed 55. The firm has 15 Partners and 160 staff at offices in Sheffield and Chesterfield.

Barber Harrison & Platt provides the full range of audit, accounts and taxation services. It also has one of the largest corporate finance teams in the region and won several awards at the Insider South Yorkshire Dealmakers Awards 2009 including Dealmaking Firm of the Year and Corporate Finance Advisory Firm of the Year.

Accountancy is the journal of the Institute of Chartered Accountants in England and Wales and publishes the Top 60 league table annually

For further information please contact:

Scott Burkinshaw (Associate) 0114 266 7171
scott.burkinshaw@bhp.co.uk

Louise Bright (Marketing Manager) 0114 266 7171
louise.bright@bhp.co.uk