Work and Travel programs: New affordable terms.

The work and travel programs are more and more affordable. The starting investment is quite bearable - the departure is about BGN2000, while the return of investment is usually 2 or 3 times.

There are new student loans, with which young people can obtain the necessary funds, and then return them at very acceptable terms: 12-month grace period, which pays only interest and repayment period for up to 8 months after receiving it. The interest rate is 10.99%.

There are some new facilitates and fast admission to students, that were last year in the U.S. They will apply only with documents. The interview for visa, however, remains. Refusals were only 7%, according to the press service of the U.S. embassy. The most frequent causes are problems with the university or doubts that the applicant will return. Reason may be insufficient knowledge of languages (the requirement is for intermediate level).

Read more useful information about how to pay less taxes abroad, how to get back your tax or just ask us your questions ETS Refunds will be glad to help you.

Biggest ever tax refund - $2.4 billion

The record $2.4 billion tax refund was officially confirmed by the Japanese court. The person that will receive the huge rebate of tax by the Japanese government is Toshiki Takei – the Director of Takefuji Corporation.

The Authorities ordered Mr Takei to pay the incredible tax of 160 billion yen ($1.92bn) for receiving shares of the company from his parents in 1999.
According to Japanese newspaper, this sum is the largest-ever tax refund for one person and is more than twice as the whole Japanese tax revenue for one year from gift taxes.

The return of tax has to be made because of proving that Mr Takei spent more days in Hong Kong, than in Japan. Proving that he had living in Hong Kong at that time and this is not only temporary residency for avoiding the tax payment, is the reason that the court state as reason for the biggest ever tax refund.

This case is indicative for the tax refunding opportunities in the world. Every case is different and ETS Refunds proceed every client’s claim for tax refund individually. We strive for the biggest possible tax refunds for our clients, hoping some day to be able to refund such enormous sum to our client.

When will HMRC finally correct the tax payment system?

The “new and modernized” tax system of HMRC is not yet professional and cost millions people problems again.

Only few months after HMRC revealed that millions of people have been paying the wrong amount of tax, due to a ‘computer error’, the system has made another huge and billions costing mistake.

According to news from the last days, HMRC failed to credit millions of employees with nearly £1.3bn; they have paid in NI (National Insurance) between 2004 and 2009. This fact will affect those people when they decide to retire. Suddenly they will be prevented from claiming a full state pension.
This “error” is coming after the fact that 10 million people have to receive tax refunds by the HMRC, because of errors in the tax system.
Tax refunds have to be done to more than 10 million people, because of system errors in the tax proceeding in HMRC tax code system, last September.

It was confirmed already by the officials, that 4.3 million people are due receive a rebate of their taxes, overpaid in the last two years. There is a huge possibility that over 5.8million people to have overpaid their income taxes before March 2008 too, so they will expect tax refunds as well. But this was not yet confirmed by the officials.

Daily telegraph announced in the past months, that almost £5bn is the sum of the overpaid taxes. Only for the past two years the sum is £1.8bn. The cases of overpayment before March 2008 are about 18.2 millions. And this is only from code errors in the tax system. Is those people right to ask- when the system will no more make such mistakes?

According to Daily Telegraph some of these payments are set to happen in the next four years. The Treasury has notified the affected near 6 millions of people, paid the wrong taxes in the past two years. There is high possibility to be discovered other 7.7million people with errors in the tax payments.

HM Revenue and Customs (HMRC) computer system was upgraded recently, and exactly the new system identified the errors in the PAYE (pay as you earn) tax system. The wrong calculations of the old tax system cost an average £1,400 for nearly 1.4 million people. These people will retrieve the money next year. Millions of employers underpaid taxes in the past two years at a total amount of £2bn.
Identified by the “upgraded” system will be also employees, which have been moved jobs or accepted cash benefits or company cars from their employers.

4.3 millions of people are set to receive a tax refunds, because they have paid too much taxes in the past two years. These people are expected to receive an average tax refund of £418.

If you wonder do you have wrong payments in the past years, you can try to find out in the complicated system of HMRC, or to contact professional international tax refunding company and ask for advise and help. ETS Tax Refunds is at your services.

There is no perfect systems, but when someone`s paying his taxes he expects not to pay wrong taxes, just for computer errors.