Financial services group, Friends Provident announced last week that in conjunction with online tax services provider, TaxChecker it is now able to supply users registered with its consumer website with the ability to automatically manage their finances and tax refunds electronically.
According to Friends Provident, TaxReclaim is a service for taxpayers who have overpaid income tax through the PAYE system, where tax refund claims can be calculated online immediately. TaxChecker's Inland Revenue tested software is designed to guide users through the complexities of reclaiming tax, and if they have overpaid, the service will enable the individual to print a letter that can be sent to the Inland Revenue which includes details of their overpayment and requests a refund.
Speaking following the launch of the new service, Kate Shaw, Development Manager of the Consumer website at Friends Provident, observed that:"The onus is now on the British public to ascertain whether they are due a tax rebate. Yet, many people are unaware of how to go about reclaiming tax, others would be hesitant of contacting the Inland Revenue directly, and most simply do not have the time to tackle the nuances of the tax reclaim system."
She went on to add that:
"There are a large amount of people who do not realise that they have overpaid tax and by working with TaxChecker and TaxReclaim we are able to offer our customers a service that will, in effect help them to better manage their finances."
If the refund discovered via use of the service is greater than £100 - which is estimated to apply to around 25% of Friends Provident's customers - TaxChecker can carry out a detailed review of the individual's previous five years entitlement, requesting a 35% commission payment of the refund amount in order to cover the cost of operation.
In order to be able to claim their rebate taxpayers require the P45 or P60 form provided by their last employer.
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