Unclaimed Savings: Thousands Owe HMRC – Check Now

Hugo van Dijk

4 min read

Post on May 20, 2025

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Common Reasons for Unclaimed Savings

There are several reasons why you might have unclaimed savings or be entitled to a tax refund from HMRC. Understanding these common scenarios is the first step towards reclaiming your money.

Overpaid Tax

Overpaying tax is more common than you might think. This often happens due to changes in circumstances that aren't immediately reflected in your tax code.

• Self-Assessment: Errors in your self-assessment tax return can lead to overpayment.
• PAYE (Pay As You Earn): Changes in employment, such as starting a new job or a reduction in hours, can result in an incorrect tax code, causing overpayment.
• Tax Credits: Changes in your circumstances affecting your eligibility for tax credits can lead to overpayments or underpayments.

Unclaimed Tax Credits

Many people are unaware of unclaimed tax credits, leading to significant lost savings. Various schemes offer financial support, and checking your eligibility is crucial.

• Child Tax Credit: If you have children, ensure you've claimed all applicable credits.
• Working Tax Credit: This credit is designed to help working families on low incomes.
• Claiming back unclaimed tax credits: The process involves contacting HMRC directly and providing the necessary documentation.

Forgotten Savings Accounts

Dormant or forgotten savings accounts, including ISAs and bank accounts, are a significant source of unclaimed assets. These accounts might have been opened years ago and subsequently forgotten.

• Locating forgotten accounts: The government provides online search tools to help you locate forgotten accounts. Utilize these resources effectively.
• Regularly review your finances: Make it a habit to review your bank statements and financial records regularly to avoid losing track of your savings.

Inheritance Tax Refunds

In certain circumstances, inheritance tax refunds may be due. This is a more complex area, but it's worth exploring if you've recently dealt with an inheritance.

• Examples: Incorrect valuations of assets or changes in legislation could lead to a potential refund.
• Determining eligibility: Seek professional advice from a financial advisor or solicitor to determine your eligibility for an inheritance tax refund.

How to Check for Unclaimed Savings

Several methods exist to check for unclaimed savings and potential tax refunds. Let's examine the most effective approaches.

Using the Government Website

The HMRC website is the primary resource for checking for unclaimed savings and tax refunds.

• Step-by-step guide: Visit the HMRC website and navigate to the section dealing with tax refunds and unclaimed savings. You will need your National Insurance number.
• Setting up an online account: Creating an online account with HMRC is highly recommended for easy access to your tax information.
• Importance of your National Insurance number: This is crucial for accessing your tax records.

Contacting HMRC Directly

If you have difficulty using the online services, contacting HMRC directly is an alternative.

• Contact details: Find their contact details, including phone number and postal address, on their official website.
• Keeping records: Maintain detailed records of all correspondence with HMRC.

Using Third-Party Services

While using government resources is preferable, some reputable third-party services specialize in locating unclaimed assets.

• Reputable services: Thoroughly research any third-party service before using it, and be wary of scams.
• Potential fees: Be aware that some services charge fees for their services.

What to Do Once You Find Unclaimed Savings

Once you've identified unclaimed savings or a tax refund, follow these steps.

Claiming Your Refund

The process for claiming a refund will vary depending on the source of the unclaimed funds. Follow the instructions provided by HMRC.

Understanding the Process

HMRC will outline the timeframe for processing your claim. Be patient and allow sufficient time for them to process your request.

Keeping Records

Retain copies of all correspondence, supporting documents, and transaction records related to your claim.

Conclusion

Many people are entitled to unclaimed savings from HMRC, often due to overpaid tax, unclaimed tax credits, or forgotten savings accounts. Regularly checking for unclaimed savings is crucial to avoid missing out on potential refunds. Don't leave thousands of pounds unclaimed! Check for your unclaimed savings from HMRC today. Use the resources mentioned above and reclaim what’s rightfully yours. Visit the [link to HMRC website] to begin your search.