Thousands of tax refund claims have been made within the first few weeks of the new tax year, according to research conducted by Rift Tax Refunds.
The tax refunds specialist has analysed their own company data to discover thousands of Brits are claiming back what the tax man owes them.
With the rising cost of food bills, travel costs and other essential expenses, it is becoming more expensive to get to work each year, yet HMRC finds itself sitting on millions of pounds in unpaid tax refunds for expenses year on year.
However, the latest research by Rift Tax Refunds’ shows that Brit’s are becoming tax savvy to ensure they claim back what they are owed.
Despite only a few weeks into the new financial year, Rift Tax Refund’s company data revealed that over 5,000 claims have been filed already, with the value of tax claims totalling over a staggering £3.5 million.
Due to the rise in living and travel costs, Rift Tax Refunds have seen the value of an average 4-year claim rise 20% to £3,023.56 over the past few years. Similarly, the HMRC have noted a 25% increase in expenses claims since the 2014/15 tax year.
Bradley Post, Managing Director at Rift Tax Refunds comments: “‘We’re delighted that thousands of people have already come to RIFT for help with their tax refunds this year.
“While the number of claims made this year is based on Rift Tax Refund data, due to the rise in living and travel expenses we can assume that our statistics are reflected industry-wide.
“As the HMRC sit on millions of pounds in unpaid tax refunds, it is important for those who are eligible to claim to keep their receipts well documented to ensure they are able to claim back everything they are owed.”
(Source: Rift Tax Refunds)