HM Revenue & Customs (HMRC) has issued an urgent warning to over two million UK taxpayers who could be missing out on refunds worth hundreds of pounds each. With just days left to claim, many risk losing out on money they're rightfully owed.
The Clock is Ticking
Taxpayers who submitted self-assessment returns for the 2020-21 tax year have until April 5, 2025 to claim any overpaid tax. After this date, any unclaimed money will be retained by the Treasury.
Who's Affected?
The alert primarily affects:
- Self-employed workers
- Landlords
- Those with multiple income streams
- Employees who claimed work-related expenses
Many don't realise they've overpaid tax due to changes in their circumstances during the pandemic year.
How to Check and Claim
Taxpayers can quickly check if they're owed money by:
- Logging into their HMRC online account
- Reviewing their tax calculation for 2020-21
- Following prompts to claim any refund due
HMRC estimates average refunds could be between £150 and £1,000 for eligible claimants.
Why the Rush?
The four-year deadline for 2020-21 claims is fast approaching. Unlike previous years where HMRC extended deadlines, no such extension is expected this time.
A Treasury spokesperson stated: 'We encourage all taxpayers to review their records before it's too late. This money belongs to citizens, not the government.'
