{"id":189524,"date":"2024-04-15T11:05:08","date_gmt":"2024-04-15T10:05:08","guid":{"rendered":"http:\/\/realbusiness.co.uk\/?p=189524"},"modified":"2024-04-16T09:31:51","modified_gmt":"2024-04-16T08:31:51","slug":"how-long-does-a-hmrc-refund-take","status":"publish","type":"post","link":"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take","title":{"rendered":"How Long Does It Take For HMRC Tax Refund To Go Into Bank?"},"content":{"rendered":"<div class='booster-block booster-read-block'><\/div><p><strong>Part of how a country makes money is by taxing its citizens and adjusting for income. However, when you end up paying too much tax, usually through a change in employment status, you are entitled to a tax refund.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">However, many of our viewers ask how long a tax refund is supposed to be, with many believing they&#8217;ve missed their window entirely. Today, we&#8217;re building this blog to ensure that everyone is on the same page when it comes to tax refunds, detailing general guidelines, factors that affect them, and how to ensure all is okay with your tax return.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-684fe204e36ad\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-684fe204e36ad\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#HMRC_Tax_Refund_Processing_Times\" >HMRC Tax Refund Processing Times<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Tax_Refund_Timelines\" >Tax Refund Timelines<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Minor_Refunds\" >Minor Refunds<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#How_Is_A_Tax_Refund_Issued\" >How Is A Tax Refund Issued?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#How_Do_I_Track_My_Tax_Refund\" >How Do I Track My Tax Refund?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Tips_For_Getting_Your_Tax_Refund_On_Time\" >Tips For Getting Your Tax Refund On Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Conclusion\" >Conclusion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#FAQ_I_have_never_filed_a_tax_return_-_do_I_have_to\" >FAQ: I have never filed a tax return - do I have to?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#FAQ_What_files_should_I_keep_for_taxes\" >FAQ: What files should I keep for taxes?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#FAQ_How_do_I_write_a_self-assessment_report\" >FAQ: How do I write a self-assessment report?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Online_Report\" >Online Report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#Paper_Report\" >Paper Report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#FAQ_What_legislation_backs_the_right_to_tax_returns\" >FAQ: What legislation backs the right to tax returns?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/realbusiness.co.uk\/how-long-does-a-hmrc-refund-take\/#FAQ_What_are_some_impacts_that_legislative_changes_can_have_on_tax_returns\" >FAQ: What are some impacts that legislative changes can have on tax returns?\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"HMRC_Tax_Refund_Processing_Times\"><\/span><b>HMRC Tax Refund Processing Times<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The typical time that it takes to get a tax refund from HMRC is not set in stone. The following factors are what decide how long you&#8217;ll wait.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Method Of Filing &#8211; <\/b><span style=\"font-weight: 400;\">There are two ways to get ahold of your tax return.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Self-Assessment Tax Return<\/b><span style=\"font-weight: 400;\"> &#8211; This method involves going through a self-assessment of your taxes to work out your tax affairs. In the process, it should become evident whether or not you&#8217;re owed a tax refund. You can expect your repayment issued when HMRC decides if you&#8217;ve overpaid. This is not how many people do their taxes, though many that do tend to be business owners and have help.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>PAYE Refunds &#8211; <\/b><span style=\"font-weight: 400;\">If you&#8217;re employed and pay tax through &#8220;Pay As You Earn&#8221;, your employer will deduct income tax from wages throughout the tax year. If too much tax is withheld, then you&#8217;re entitled to a refund. Overpayment is often found through their automated processes, though typically months later.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Online vs Paper &#8211; <\/b><span style=\"font-weight: 400;\">Submitting your tax return through HMRC&#8217;s online portal is faster. It delivers instantaneously, unlike with paper, and heads directly to the person it needs to go to through their system, rather than entering from an outside system (mail). This efficiency is what gets you quicker responses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Time of Year &#8211; <\/b><span style=\"font-weight: 400;\">Some periods are peak for HMRC, with their highest volume of tax returns occurring around January. This causes bottlenecks and other logistical issues that see processing times slow down dramatically, resulting in even simple refunds taking much longer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complexity &#8211; <\/b><span style=\"font-weight: 400;\">Not every tax refund is a simple one. For instance, if you have multiple income sources, the chances for overpayment rise dramatically. All aspects have to be reviewed, as many different situations can call for different tax situations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Security Checks &#8211; <\/b><span style=\"font-weight: 400;\">Security checks are in place to ensure that all money passing through HMRC is done with correct authorisation and full protection. It&#8217;s because of this that many security checks are done at random, requiring the provision of further information to continue the process. Usually, they will ask for a series of simple personal details, such as address, date of birth, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Amended Return &#8211; <\/b><span style=\"font-weight: 400;\">This can occur when you have to change details that you&#8217;ve found are false after submitting.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-189529 aligncenter lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"http:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-scaled.jpg\" alt=\"HMRC Taxes\" width=\"670\" height=\"419\" \/><noscript><img decoding=\"async\" class=\"wp-image-189529 aligncenter lazyload\" src=\"http:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-scaled.jpg\" alt=\"HMRC Taxes\" width=\"670\" height=\"419\" srcset=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-scaled.jpg 1200w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-300x188.jpg 300w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-1024x640.jpg 1024w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-1536x960.jpg 1536w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_2018230646-min-2048x1280.jpg 2048w\" sizes=\"(max-width: 670px) 100vw, 670px\" \/><\/noscript><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Refund_Timelines\"><\/span><b>Tax Refund Timelines<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For many, Tax Returns are something that appears unexpectedly as a result of the PAYE system discovering and actioning it. Significant overpayment results in a repayment issued out.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Initial Acknowledgement &#8211; <\/b><span style=\"font-weight: 400;\">After you submit your tax return, whether online or via post, HMRC should send an acknowledgement of its receipt. Online, this submission is received and acknowledged within a day or two, but paper acknowledgements can take far longer.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>PAYE Refunds &#8211; <\/b><span style=\"font-weight: 400;\">PAYE refunds are typically issued within a few weeks of being issued, barring other factors interfering.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Self-Assessment Tax Refund &#8211; <\/b><span style=\"font-weight: 400;\">If your taxes are straightforward, and you submit early, you can expect the return to be around two months. Some, however, report waiting up to three months at times.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Minor_Refunds\"><\/span><b>Minor Refunds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Minor refunds are considered an exception by HMRC. Instead of ensuring repayment is issued with the overpaid amount, they instead deduct what they owe from future bills. This frees up a lot of administrative work for HMRC.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Is_A_Tax_Refund_Issued\"><\/span><b>How Is A Tax Refund Issued?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are two common ways to issue a repayment:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank Account Transfer &#8211; <\/b><span style=\"font-weight: 400;\">A transfer from HMRC&#8217;s bank account to yours is the most common way. They will of course require your bank details, but it&#8217;s straightforward after that &#8211; requiring a few days to show up in your account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cheque &#8211; <\/b><span style=\"font-weight: 400;\">Cheques can take longer, though nowhere near as long as they used to. If you have access to an online bank account, you may have access to software that can upload the details of the cheque. Regardless, you still need to receive it and wait for a couple of days.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_Do_I_Track_My_Tax_Refund\"><\/span><b>How Do I Track My Tax Refund?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are two ways:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>HMRC App and Website &#8211;<\/b><span style=\"font-weight: 400;\"> Both request login details and require internet, but these are some of the best ways to get updates. It will log the live status of your tax return but may require contact for specifics.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Phone &#8211; <\/b><span style=\"font-weight: 400;\">You can contact HMRC by phone and ask them directly for a status update. This can take a while, as it may involve waiting in telephone queues, which are considered highly outdated &#8211; but if you ensure to make the call during low activity times, you will also have the opportunity to ask a range of questions at once, instead of having to look for answers individually.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tips_For_Getting_Your_Tax_Refund_On_Time\"><\/span><b>Tips For Getting Your Tax Refund On Time<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before we close, here are some tips for getting your Tax Refund on time:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>File Early &#8211; <\/b><span style=\"font-weight: 400;\">This requires you to know that you&#8217;ve overpaid tax. If you suspect as much from your earnings or other knowledge, act early. HMRC prioritises processing returns received earlier within a tax year, essentially giving you first-class tickets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accuracy &#8211; <\/b><span style=\"font-weight: 400;\">Ensure that all of your information is correct. Double-check the figures in particular when going over income, tax relief, bank details etc. These can cause huge delays if left uncorrected.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Include All Information &#8211; <\/b><span style=\"font-weight: 400;\">HMRC is comprehensive with the requested documentation. Some of this includes your P60, P45, and account statements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Respond Immediately &#8211; <\/b><span style=\"font-weight: 400;\">HMRC&#8217;s priorities change. If you wait too long, you&#8217;ll find that your spot was given to a reserve and you&#8217;ll have to wait.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Update Details with HMRC &#8211; <\/b><span style=\"font-weight: 400;\">Even if every other piece of advice was like background noise, this is the one that often gets people in the most trouble. Some Tax Refund money remains undeposited simply because the letter and cheque went to another address. Ensure your details are accurate to speed up your return.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"wp-image-189528 aligncenter lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"http:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-scaled.jpg\" alt=\"Tax Relief\" width=\"643\" height=\"429\" \/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-189528 aligncenter lazyload\" src=\"http:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-scaled.jpg\" alt=\"Tax Relief\" width=\"643\" height=\"429\" srcset=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-scaled.jpg 1200w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-300x200.jpg 300w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-1024x683.jpg 1024w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-1536x1024.jpg 1536w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2024\/04\/shutterstock_712434244-min-2048x1365.jpg 2048w\" sizes=\"(max-width: 643px) 100vw, 643px\" \/><\/noscript><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Overall, a Tax Return is likely something that will not require prompting. Nonetheless, it&#8217;s always worthwhile to check and be ahead of the curve.<\/span><\/p>\n<h3><b>FAQ: I have never filed a tax return &#8211; do I have to?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For more than 80% of UK Residents, no. Most people are on what\u2019s called a PAYE scheme. This means that your employer calculates and deducts your taxes for you in your income through their infrastructure whilst giving you an overview of it. If you\u2019re unsure, ask your finance department.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_What_files_should_I_keep_for_taxes\"><\/span><b>FAQ: What files should I keep for taxes?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><b>Tax Item<\/b><\/td>\n<td><b>Records to Keep<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Income<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Payslips, P60, P45, bank statements, invoices, receipts for <a href=\"http:\/\/realbusiness.co.uk\/the-freedom-of-freelancing-why-businesses-shouldnt-fight-the-rise-of-independent-careers\">freelance work<\/a>, dividend statements, interest certificates, pension income records<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Expenses<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Receipts for work-related expenses (travel, supplies, etc.), invoices, charitable donation receipts, medical expense receipts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Investments<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Brokerage statements, records of capital gains\/losses, cryptocurrency transaction records<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Property<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Mortgage statements, rental income and expense records, property tax bills, home improvement receipts (if applicable for capital gains calculations)<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Business (if applicable)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Invoices, receipts, bank statements, payroll records, tax filings<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_How_do_I_write_a_self-assessment_report\"><\/span><b>FAQ: How do I write a self-assessment report?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you choose to have a wider overview of your finances by going through a self-assessment report, you&#8217;ll have to do the following preparation:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Register an SA Account &#8211; <\/b><span style=\"font-weight: 400;\">Register an SA account with the HMRC. This is the platform you&#8217;ll use to get your SA Return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gather Information &#8211; <\/b><span style=\"font-weight: 400;\">Collect records of your income and expenses, as well as your national insurance number and any previous tax returns. The following should cover what you need:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Income Records &#8211; <\/b><span style=\"font-weight: 400;\">P60, P45, bank statements, self-employment income records, pension statements, investment income records.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Expense Records &#8211; <\/b><span style=\"font-weight: 400;\">Receipts and invoices for business expenses that you can write off on taxes.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Online_Report\"><\/span><b>Online Report<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">If you want your repayment issued through online reporting, then you have several steps to follow:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>HMRC Online Account &#8211; <\/b><span style=\"font-weight: 400;\">Create your government gateway account and access the online services, or simply log in if you already have an account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>SA100 Form &#8211; <\/b><span style=\"font-weight: 400;\">Your SA100 form is the main one you&#8217;ll fill out. Provide the requested details of your income, allowable expenses and all tax relief.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Supplementary Pages &#8211; <\/b><span style=\"font-weight: 400;\">You may need to gain additional forms for some income types, such as your property or foreign income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Calculate and Submit &#8211; <\/b><span style=\"font-weight: 400;\">HMRC will calculate your tax liability. Review it and if you accept it, submit it.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Paper_Report\"><\/span><b>Paper Report<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Request the Forms &#8211; <\/b><span style=\"font-weight: 400;\">You will have to request the SA100 forms to be sent through the mail. This includes any necessary supplementary forms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fill out &#8211; <\/b><span style=\"font-weight: 400;\">Fill the forms out. Take it slow, as you don&#8217;t have access to a backspace button, and any egregious mistakes may not be forgiven when you send the form back.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Submit &#8211; <\/b><span style=\"font-weight: 400;\">Submit the completed forms to HMRC by the deadline or risk delays.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_What_legislation_backs_the_right_to_tax_returns\"><\/span><b>FAQ: What legislation backs the right to tax returns?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Several acts ensure the right to tax returns and are not consolidated into one piece of legislation like the GDPR. They are made up of a great deal of acts made through parliament, such as the following:\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Tax Act<\/b><\/td>\n<td><b>Year<\/b><\/td>\n<td><b>Associated Right(s)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Income Tax Act 2007<\/b><\/td>\n<td><span style=\"font-weight: 400;\">2007<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Defines income tax<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sets tax rates for different income types (e.g., salary, savings interest, rental income)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes basic personal allowances (tax-free income threshold)<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><a href=\"http:\/\/realbusiness.co.uk\/corporation-tax-payment-on-account\"><b>Corporation Tax<\/a> Act 2010<\/b><\/td>\n<td><span style=\"font-weight: 400;\">2010<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Defines corporation tax for businesses\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sets the corporation tax rate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes rules for calculating taxable profits\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allows for specific business reliefs (e.g., capital allowances for equipment)<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>Value Added Tax Act 1994<\/b><\/td>\n<td><span style=\"font-weight: 400;\">1994<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Introduces <a href=\"http:\/\/realbusiness.co.uk\/are-you-claiming-all-the-vat-you-can\">Value Added Tax (VAT)\u00a0<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sets VAT rates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes rules for VAT registration and accounting\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enables VAT exemption or zero-rating (on applicable services)<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>Capital Gains Tax Act 2008<\/b><\/td>\n<td><span style=\"font-weight: 400;\">2008<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Defines Capital Gains Tax (CGT)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sets CGT rates\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes annual CGT exemption allowance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allows for reliefs such as Entrepreneurs&#8217; Relief<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>Inheritance Tax Act 1984<\/b><\/td>\n<td><span style=\"font-weight: 400;\">1984<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Defines Inheritance Tax (IHT) on transfers of wealth after death\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sets IHT rate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes Inheritance Tax threshold (tax-free amount)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allows for reliefs such as spousal exemption<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>Self Assessment Act 1994<\/b><\/td>\n<td><span style=\"font-weight: 400;\">1994<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishes the self-assessment system for reporting income and calculating tax liability\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Grants taxpayers the right to claim tax reliefs and deductions they are entitled to\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allows for appeals to HMRC decisions on tax assessments<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_What_are_some_impacts_that_legislative_changes_can_have_on_tax_returns\"><\/span><b>FAQ: What are some impacts that legislative changes can have on tax returns?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The impact that these changes can have on tax refunds can be huge. New laws are introduced often that adjust tax rates and allowances, as well as relief measures that directly contribute to how much a taxpayer will owe, as well as any potential refunds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s an overview of some recent legislative changes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Threshold Adjustments &#8211; <\/b><span style=\"font-weight: 400;\">The threshold for paying the higher tax rate of 45%, for example, has been lowered from \u00a3150,000 to \u00a3125,140 for the 2023-2024 tax year. This can affect tax calculations for higher earners, potentially resulting in higher taxes. This may seem minor, but if you\u2019re in this tax bracket, this may leave you questioning whether your recent tax was right.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Deductions and Credits &#8211; <\/b><span style=\"font-weight: 400;\">Governments may introduce new deductions or tax credits. This results in some purchases being more attractive, such as an electric vehicle that could reduce your tax liability.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reporting Requirements &#8211; <\/b><span style=\"font-weight: 400;\">Legislative changes can introduce new forms, schedules etc. This could change how you will approach receiving your tax return, as you\u2019re likely going to have to accommodate more information.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Part of how a country makes money is by taxing its citizens and adjusting for income. However, when you end up paying too much tax, usually through a change in employment status, you are entitled to a tax refund. However, many of our viewers ask how long a tax refund is supposed to be, with [&hellip;]<\/p>\n","protected":false},"author":26234,"featured_media":189535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11878],"tags":[2125,11990,12161,3449],"class_list":["post-189524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-hmrc","tag-mar-p","tag-p2024","tag-tax-return"],"views":802,"_links":{"self":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/189524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/users\/26234"}],"replies":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/comments?post=189524"}],"version-history":[{"count":0,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/189524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media\/189535"}],"wp:attachment":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media?parent=189524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/categories?post=189524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/tags?post=189524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}