Thousands of Freelancers in the world of online marketing are grasping the opportunity to travel and work. When abroad and saving for further travels, it can make personal budgets progressively tight. But, we often forget about an unexpected savvier; Tax refunds! This is why so many freelancers travel to the UK, because they are able to save for their next adventure through the faculty of PAYE Tax Refunds and the beauty of it is, it feels nothing like the growling task of saving!
Lets see who is or isn’t eligible for PAYE Tax Refunds;
- You are a non-UK national
- You have left the UK
- You were short-term employed in the UK
- You incurred work-related expenses
- You didn’t work a full tax year
- You were made redundant
- You were on an emergency tax code
Why This is Great News!
Simply put, if you are paying 20% tax on your pay packets, then come the end of the tax year a every penny payed over your tax cap will be rightfully yours. Some make up to £2000 back in PAYE Tax Refunds. This is fantastic news if you are the travelling kind because whilst the stress of saving for your next destination, we can often lose out on the moments we have now. This is a sure way to know at the very least your pennies are being saved, which will give you that little extra to enjoy today instead of being worried about your budget for tomorrow.
Naturally, you will need to apply for a British bank account and this can be used for your new British clients. Other than the obvious (you would not be illegible otherwise), you will also not have to take the hit on exchange rates which ultimately is a financial pain!
Many Freelancers seek the services of companies like taxback.co.uk to ensure that they receive what they are owed and jet set off to the next destination!