Latest news with #taxrefund
BBC News
a day ago
- Business
- BBC News
Jersey GST reclaim limit reduced for visiting shoppers
Jersey's government has decreased the threshold on how much visitors have to spend to claim back the Goods and Services Tax (GST) on scheme will see the threshold reduced from £250 to £100 on purchases from the same retailer on the same day, from July. The refund process will also be digitalised with self-service kiosks at the harbour and airport for visitors to submit their receipts. The government is working with tax-refund firm Global Blue on its Tax Free Shopping scheme in a bid to boost Jersey as a retail destination. Part of Jersey's Visitor Economy Strategy, Global Blue said the service was designed to "strengthen the Island's appeal as a premier shopping destination and encourage higher spending from tourists"."It reflects a commitment to innovation, sustainability, and long-term economic growth for local retailers," it added. Eligible goods include fashion and accessories, cosmetics, watches and jewellery and leather qualify, shoppers must present their passport and depart Jersey within 31 days of Blue will also launch an app to help frequent visitors and a customer care system for new shoppers. Global Blue regional COO Derrick Hardman said he was proud to partner with the Jersey government on the scheme. "This milestone marks a significant step forward for the island's retail and tourism sectors, and we look forward to supporting Jersey in unlocking its full potential on the global stage," he said.
The Sun
03-06-2025
- Business
- The Sun
HMRC warning to check codes on letters as workers are owed £700 each – check if you're affected
BRITS are being urged to check their tax codes immediately as thousands could be due a £700 refund from HMRC. It comes as the May 31 deadline has passed for employers to issue P60 forms – a crucial document that confirms how much tax you've paid in the last financial year. 1 But tax experts are warning that many workers could be on the wrong tax code without even knowing it, potentially costing them hundreds of pounds. One in three Brits has been on the wrong tax code at some point, with average overpayments hitting a hefty £689, according to research by Canada Life. The blunder means HMRC could be sitting on billions in overpaid tax and the only way to get it back is to check your details and flag it. Taxpayers should double check the 'final tax code' on their P60 that's the string of letters and numbers near the top of the form. Codes like "BR", "D0", or "D1" should raise a red flag. These mean you may have been taxed at a flat rate with no tax-free allowance. Anyone who stayed with the same employer up to April 5 should have already received their P60, either in the post or digitally. And while it may be tempting to toss it aside, it's an important piece of paperwork. Not only is it used to claim tax rebates, it's also essential for applying for tax credits, benefits, loans, or even a mortgage. If you think your code is wrong, or if something doesn't look right on your payslip, it's time to act. How to check your tax code You can check your current tax code by logging into your personal tax account online, using the HMRC app, or digging out your latest payslip. You may also have received a Tax Code Notice from HMRC in the post, so it's worth checking any recent letters too. If the numbers don't add up, contact HMRC directly. You can call them on 0300 200 3300 or write to: Pay As You Earn and Self Assessment, HMRC, BX9 1AS. Those who've overpaid could see a refund land in their bank within five days once their claim is processed or receive a cheque in the post within two weeks. But it's not always good news, some may find they underpaid tax and owe HMRC money. If that's the case, most will be asked to repay it gradually over 12 months. If you're owed money, you may also receive a P800 letter or a simple assessment telling you how much you're due and how to claim it. There's a four-year limit on claiming back overpaid tax, so if you think you've been overcharged, don't delay. Whether you're a full-time employee, working multiple jobs, or have just switched roles, it's worth double checking your code because a five-minute check could leave you hundreds better off. The Sun has approached HMRC for comment.
Yahoo
02-06-2025
- Business
- Yahoo
ATO warning to millions of Aussies desperate for $1,519 cash boost: 'Misconception'
Millions of Australians will be able to lodge their tax returns with the Australian Taxation Office (ATO) in the coming weeks. While many are desperate for a cash boost in the form of a refund, taxpayers are being warned not to rush. More than 10 million Australians expect a tax refund this year, new Finder research found, with 7 per cent admitting the extra cash would be 'critical' to their financial wellbeing. The average Aussie is expecting a refund of $1,519. Finder head of consumer research Graham Cooke told Yahoo Finance Aussies would be rushing to get their hands on some extra cash from July 1. RELATED ATO warning over popular tax deduction Aussies try to claim each year: 'Not claimable' Coles and Woolworths checkout move that there's no coming back from: 'Will only accelerate' Aussie couple making $1,200 a day from job anyone can do: 'Went off like an explosion' 'Australians who are living month to month are very eager to access their tax refunds to ease financial strain,' Cooke said. 'With many households grappling with the cost of living, these refunds offer a much-needed reprieve. For some, the refund is essential to cover essential expenses, such as keeping the lights on." Nearly one in four Aussies surveyed said their tax refund was 'very important' to their financial health, while a further 41 per cent said it was 'somewhat important'. Women were more likely to need a refund, with 39 per cent admitting it was 'critical' or 'very important' for their finances, compared to 24 per cent of men. But not everyone is expecting a refund this year, with 18 per cent saying they thought they would be getting a tax bill. Cooke has urged Aussies to make sure they are making prudent use of any refund. 'Consider using the funds to pay down debt, deposit into a high-interest savings account, or contribute to superannuation to maximise long-term benefits,' he said. It comes as Aussies are urged not to rush their tax returns, or they could risk making mistakes and missing out on legitimate claims. CPA Australia tax lead Jenny Wong has urged Aussies to take time to gather their evidence of work-related expenses over the next few weeks and to wait for the ATO to pre-fill their information before lodging. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot,' she said. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. 'It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait. It'll save you in the long run.' The ATO generally recommends waiting to lodge until the end of July when information, including interest from banks, dividend income, payments from government agencies and health insurance information is pre-filled in your tax return. The ATO has said it will be focused on areas where it sees frequent mistakes this tax time, including work-related expenses, working from home deductions and multiple income in retrieving data Sign in to access your portfolio Error in retrieving data
Reuters
27-05-2025
- Business
- Reuters
India to reinstate tax refund benefits for exporters from June to boost competitiveness
NEW DELHI, May 27 (Reuters) - India will restore benefits under a key scheme that reimburses exporters for embedded duties, taxes, and levies not covered by any other government refund programme in an effort to boost export competitiveness, the trade ministry said on Tuesday. The benefits under the Remission of Duties and Taxes on Exported Products were introduced on January 1, 2021, but ended on February 5 this year. They will now be applicable for all eligible exports from June 1, covering sectors including textiles, chemicals, pharmaceuticals, cars, agriculture, and food processing, the ministry said in a statement. "Their reinstatement is expected to provide a level playing field for exporters across sectors," the statement said, adding the scheme would use a digital platform "to ensure transparency and efficiency". Total disbursements under the programme exceeded 579.77 billion Indian rupees ($7 billion) as of March 31, the ministry said. The benefits were earlier paused to review the support required by exporters, an official who did not want to be named told Reuters. "In the current environment, the government has felt the need to continue to give such benefits," the official said. The announcement comes days after India clinched a trade agreement with Britain and as it races to seal a trade deal with the U.S. before the end of the 90-day pause on hefty additional import tariffs imposed by U.S. President Donald Trump. ($1 = 85.2520 Indian rupees)
Yahoo
26-05-2025
- Business
- Yahoo
ATO warning ahead of $1,288 cost-of-living cash boost: 'Shooting yourself in the foot'
Millions of Australians will soon be able to lodge their tax returns with the Australian Taxation Office (ATO), and many will be given a decent cash boost in the form of a tax refund. However, Aussies have been urged to go slow and make sure everything is filled out correctly. Financial institution CPA Australia said too many people leap at the opportunity to submit their tax returns on July 1, which is the first day you're permitted to do so. But CPA Australia's tax lead, Jenny Wong, said this wasn't the best idea. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot," she said. Forgotten ATO deductions that can boost your tax refund by $974 Most in-demand tradie jobs paying nearly $3,200 per week amid crisis: 'Shining a light' Major backflip from world's most cashless country as Australia mulls money law 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. "It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait. It'll save you in the long run.' She said the cost-of-living crisis had understandably made some people desperate for this tax refund. Finder data from last year revealed the average expected refund was $1,288 per one in four people were planning on using that money to pay for an essential expense like a household bill or insurance. A further 4 per cent said they would put it towards their credit card debt, while one in 10 would chuck it on their mortgage. While you might want to get your refund as fast as possible, you need to wait until your employer and private health insurer have provided the necessary details so that your tax return contains all the right information. That can take several weeks, so you might have to wait until late July or early August to lodge your tax return. CPA Australia also said you need to make sure your tax return was reflective of what you've spent and earned in the last 12 months and isn't just a repeat from last time. 'Some people go into autopilot when they do their tax returns,' Wong said. 'They cut and paste from their last return and fail to consider any changes to their personal circumstances. 'Turn off the autopilot and take time to seriously consider what's different about your expenses this year and think about what you could claim." You might have travelled more for work this financial year compared to last, or your work-from-home expenses might have changed. Wong explained that these types of expenses can fluctuate from year to year, and you could be missing out on some much-needed money if you didn't accurately reflect that change in your tax return. "Maybe you started a new job where you had to buy tools, subscriptions, or pay for training and security clearances, for example," Wong added. The ATO has a good guide for what you could list as expenses depending on your industry and job. CPA Australia said you should "strongly avoid" asking AI platforms like ChatGPT for tax advice as it could steer you in the wrong direction. 'Getting your tax return right is your responsibility,' Wong said 'Failure to properly declare your income increases your chances of being audited by the ATO. "Failing to claim everything you're entitled to means less cash back than you could otherwise get.'
