Are you confident that you are claiming all the relief available to you?
Would you like to know how we helped one of our clients claim £6,500 of tax back??
Read on to find out…
Our client is a well-paid employee who contributes £2,400 net per annum into his company group personal pension scheme. He recently met with our consultant to discuss his pension performance.
Rather than just conduct simple product reviews, our consultants always make sure that our clients’ money is working for them in the most effective way possible across the board.
So, by asking a few questions to get a good understanding about his client, our consultant was able to uncover that their employer pays them half of the approved mileage rate for business use of his personal vehicle.
This meant that our client would be able to claim a certain amount of tax relief against his business mileage.
However, having completed their own personal tax returns for years, our client had not been aware that this relief was available to him, and therefore had never made any such claims.
We reviewed the tax returns submitted and made Overpayment Relief claims to HMRC in respect of the last four tax years to make two claims:
1. Higher Rate Tax Relief on their personal pension contributions; and
2. Tax Relief on the business mileage paid below HMRC’s approved rates.
Our client received a cheque for £6,500 and has asked us to look after his tax return going forward as he understands first hand the value of an expert pair of eyes, as well as the time and stress it saves him.
If you would like to see how we might be able to help you claim any overpaid tax back, please give us a call.