HMRC owes thousands of people up to an average of £3,400 and the money is ready to be claimed, according to personal finance experts. New analysis from tax rebate experts Swift Refunds suggests that the average tax rebate is now £2,000, and that those who’ve never applied before could backdate their claim across four years, potentially receiving between £3,000 and £3,400 as a lump sum.
“A lot of people are sitting on hundreds or even thousands of pounds they didn’t know they were owed,” said Robert Jones, CEO of the tax refund company Swift Refunds. “With holiday prices rising and many families tightening their belts, now’s the perfect time to check what you could claim back. It may well fund the break you thought you couldn’t afford this year.”
In 2022 alone, Swift Refunds recovered over £23 million and many remain unaware they’re entitled to anything at all.
“A lot of people don’t realise they may have overpaid tax, and in many cases, they can claim back up to four years’ worth in one go,” Robert said.
“We regularly see people who’ve changed jobs, been on the wrong tax code, or had work-related expenses they didn’t claim for. These are all common reasons for overpayment.
“To check if you’re owed anything, you’ll usually need your National Insurance number and a record of your income or employment history. Claims can be made directly through HMRC or with the help of a tax specialist, and the process typically takes a few weeks.
“It’s money people are legally entitled to, and for many, it arrives at just the right time.”