Whoops! You Might Be Owed About £1,562 Back From HMRC Good‑Old‑Day (2023/24)
Just when you thought the 2023/24 tax season was as final as a movie ending, RIFT Tax Refunds dropped the latest numbers on the table. The average tax‑payer could be looking at a tidy sum of £1,562 from HMRC — a 6.6 % jump from last year.
What RIFT Did
- Scoured its own internal data dump.
- Pinpointed the average refund each taxpayer usually receives.
- Tracked how that amount has shifted over the fiscal year.
Why It Matters
Think of it as a surprise birthday card, but for your bank account. Whether you’re a salaried hero, a freelancer, or a self‑employed scholar, the numbers suggest a potential bump that could fund a vacation, a lifestyle upgrade, or just a nice coffee break.
Quick Takeaway
If you helped RIFT pull these figures, chances are you might be in line for a refund that could brush up to £1,562. That’s definitely worth a quick chat with your tax agent or a deep dive into your own filing history.
Action Steps
- Check your tax return records.
- Verify the status of any refunds with HMRC.
- Reach out to a trusted tax professional if you’re unsure.
Average tax refund climbs 6% in the last year
Tax Refunds: The Word‑of‑Mouth Money You Can Claim Back From the Past
Think of the government like a friendly landlord who occasionally forgets to hand back your deposit. The latest rounds of figures from the RIFT partnership point out that in 2023, average tax refunds were around £1,562 – a nice boost of 6.6 % from the year before.
Have You Claimed Your Refund Yet?
- All year tax years: If you’re still dreading that audit sheet, you can hunt for refunds from the last four tax years – up to 2019/20 now. The average across those four years tops out at a little over £3,000.
- Time‑frames: The 2023/24 fiscal year wrapped up on 5 April. That means if you missed out on the 2019/20 year’s refund, you’re out of luck for that one.
- Don’t panic for the next few years: Even if you were delayed, you still have until next year’s April deadline to file for the 2020/21, 2021/22, 2022/23, and 2023/24 claims.
Why Bother?
Finding a refund is like discovering a hidden stash of gold in your attic — if you’re aimless you might just leave it behind. But remember, the more years you can back‑date, the more chances you have to fill the coffers.
Getting Started
Grab your tax return papers, check the old statements, and consider a professional’s help if the net looks odd. Claiming those refunds might just mean you’re the next student who shoes‑up with a brand‑new year‑end cash flow boost.
Why might HMRC owe you money?
Ever Wondered If You’re Owed a Tax Refund?
It’s more common than you think—especially if you’ve ended up overpaying through PAYE or have been jacking up your travel, lodging, or uniform costs to keep the job ticking. In plain terms, if you’ve been chewing a bit too much tax on the payroll, you might actually be due some cash back.
Why You Might Get a Refund
- Driving Fees – You’re not just burning gas for the coffee shop; you’re spending it on real work mileage.
- New to the Area? – Because staying somewhere near the job costs you a fortune.
- Uniform Expenses – If you’re required to wear a specific outfit, the money you throw into it can go back to you.
Which Workers Are Typically Most Likely to Benefit?
- Armed Forces – The whole “extra pay for danger” thing means you’re probably overpaying.
- Offshore or Construction Crew Members – Those jobs demand travel and gear, so the expenses pile up.
- Security Professionals – Think about the uniforms, the extra shifts. That adds up.
In short: if you’re spending money on the job, those costs may work in your favour when it comes payday. No need to dig deep…and maybe you’ll end up with a neat little refund to sweeten the day!
Construction workers owed the largest refunds
2023 Tax Refunds: Who’s Really Cashing In?
Construction Workers Take the Cake
Believe it or not, builders were the top honcho when it comes to reclaiming cash from HMRC in 2023. Their average one‑year refund hovered around £1,125, up a modest 3.7% from last year. Talk about a “hard hat” full of coins!
Security & Armed Forces Bring Their Own Stack
Guardians of the night and the armed forces weren’t far behind. The security sector saw the biggest jump—a 3.9% rise—bringing their average claim up to about £846. Meanwhile, soldiers managed to snag an average refund of over £800. That’s roughly what you’d get from a fancy birthday cake!
Offshore Workers: The Slow‑Poke Winners
Those out on the high seas struggled a bit, pulling in the lowest single‑year payout, but even they raked in a respectable £753 back from HMRC in 2023.
HMRC: The Snail‑Post of Refunds
While HMRC can be swifter at taking money than returning it, the process of filing for a refund can feel like navigating a maze blindfolded. That’s where tax‑refund mavens, such as RIFT, slot in—they’ve been pulling back cash for UK taxpayers since 1999, helping more than 140,000 workers reclaim over £387 million.
Pick the Right Agent, Know the Fees
As Bradley Post, MD of RIFT, points out, “Housing costs and inflation still keep everyone on edge, even though inflation is falling. But here’s a little secret: you might owe HMRC a hefty refund that’s back‑dated up to four years. The clock’s still ticking—even after this year’s deadline—so why not file early for next year’s refund and snag what’s rightfully yours?”
Quick Takeaway
- Builders lead with an average refund of £1,125.
<li Security & armed forces eke out similar high amounts.
<li Offshore crew receive the lowest but still decent £753.
<li HMRC delays can muddy the refund journey.
<li RIFT and others can streamline the process.
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