Every penny counts, especially as the effects of the cost of living crisis bites, so news that thousands of UK residents could be owed a HMRC tax refund is especially welcome. And the claim can be backdated for four years if you've never applied for a tax refund before.
According to tax experts, the average pay-out could be as much as £2,500. The money paid back from overpaid tax in previous tax years is often applied as a cash sum. As for the current tax year, your tax code is normally adjusted so you pay less tax.
The UK tax year starts on April 6 each year and ends on April 5 the following year. Of course, the amount you could actually get back from the taxman does depend on how much tax you’re due, according to the Money Reporter at the Mirror. But any cash that is returned is likely to be welcomed by families during the cost of living crisis.
