Are You Sitting On A Tax Rebate? File Your Tax Return To Find Out

Often, tax returns are associated with watching money trickle out of your bank account. But in reality, submitting your Self Assessment could actually instigate the process of a tax rebate. Everyone could always do with a…

5 Minute Read

Last Updated: 4th May 2023

Often, tax returns are associated with watching money trickle out of your bank account. But in reality, submitting your Self Assessment could actually instigate the process of a tax rebate.

Everyone could always do with a bit of a boost when it comes to their finances, and completing your Self Assessment tax return might just generate unexpected income if your circumstances have changed.

Here are some of the instances in which you might be entitled to a rebate…

Retiring from self-employment

If you’re coming to the end of your career and/or consider yourself to be retired, you could be in for a tax rebate.

As the Self Assessment tax return deadline comes with an advance payment for the next financial year, this means you could have overpaid in the past. So, if you’ve recently retired, it’s worth investigating whether a rebate is waiting for you…

Switching from sole trader to limited company

If you’ve recently made the move from sole trader to a limited company, the way your income is taxed will have changed as you move from self-employment to salary and dividends.

By submitting your tax return via tax software, you’ll be able to work how much of a tax refund you may be entitled to given your new Director status. In terms of tax benefits, running a limited company is decidedly different to a sole trader venture, and you could reap the rewards of a rebate if you haven’t done so already. You should always seek advice before making the switch to a limited company.

A reduction in self-employment profits

There are lots of other reasons why you might be due a rebate… perhaps you had a windfall in the previous year which drove a spike in your tax bill. Maybe you’re taking a step back from your profession to focus on family or other commitments.

Whatever the case, if your taxable income has gone down, it’s possible that you could be due a rebate as payments on account are based on the prior year’s profits.

Understanding overpayments on account

Anyone who submits a Self Assessment tax return may be required to make payments on account depending on their personal circumstances. These are essentially advance payments which are made twice a year – once in January and once in July.

Payments on account can be tough to gauge accurately, which is why a lot of people end up overpaying by mistake. The good news, however, is that you’ll always get this money back. All you need to do is submit your tax return, which should raise a red flag over at HMRC alerting them that you’re due a refund.

Use SimpleTax to submit your tax return

Submitting your tax return has never been easier thanks to SimpleTax tax software.

SimpleTax analyses the information you provide to work out how much tax you are able to claim, completing an accurate Self Assessment that can be sent straight to HMRC. Our web and mobile app provide useful support and guidance along the way to make the whole process as simple as possible.

Test out our tax software with a 14-day free trial, or pick the package that suits you best, and see for yourself what you could claim.

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Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.


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