Receiving a P800 letter from HMRC might surprise you, but you don’t need to worry, as sometimes it can be a good omen. P800 either means that you are entitled to a tax refund or that you may need to pay the tax you owe. HMRC often sends this letter to people who have made a tax rebate claim. It’s a tax calculation that shows all your taxable income and the tax you paid. But if you overpay tax, you might wonder how to get a P800 form to claim a refund. Read on till the end to find out!
Accotax is one of the leading accounting and tax firms in the UK, specialising in putting cash back into your pocket. Let us help you claim your tax refund. Give us a call at 0203 4411 258 or request a callback!
Before we delve deep into the discussion, let’s discuss what exactly the P800 form is and when you might receive a P800 letter.
What is P800 Form?
P800 is a tax calculation form that HMRC uses to inform you that you haven’t paid tax correctly. It’s the breakdown of all your taxable income and the tax you paid. Not everyone will get this form, but you may receive it if you have made a rebate claim to HMRC. In simple words, it will be sent when you are due a tax refund or have a tax liability.
This form highlights everything that affects your tax payable and repayable in a year. It shows:
- total income
- total deductions made
- your standard personal allowances
- adjustments made by HMRC
- result (tax rebate or liability)
When you Might Receive a P800 Form?
You might receive this form if your tax payments are considered inaccurate by HMRC. Your tax payments might not be accurate if you:
- started getting a pension at work
- left a job, started a new one and were paid by both employers in the same month
- receive certain benefits, like Jobseeker’s Allowance (JSA)
P800s are sent after the end of the tax year (5 April). Normally, you’ll have it by the end of November.
For more information on what to do in the event that you get a P800 charge estimation, get in touch with our advisers to sort out your tax issues.
How to Get a P800 Refund from HMRC?
If you have overpaid taxes, the fastest way to claim them back is through the HMRC website online. Once the claim is approved, you’ll probably get the refund within a week. If the claim is not made within 21 days, HMRC will send you a check. You’ll receive it within 6 weeks of the date on your P800.
If you are unable to claim your refund, you can contact HMRC for assistance.
If You’ll Get a Check
It will be mentioned in your P800 that you will get a check from HMRC. In such a case, you don’t need to make a claim. The check will be sent to you within 2 weeks of the date on your P800. If you owed tax for more than one year, a single check would be sent for the entire amount you owed.
What if P800 Says you Owe Tax
You need to pay the tax you owe to HMRC in instalments over the next year. It’ll be paid automatically if:
- your income exceeds your personal allowance to cover the underpayment
- you pay income tax through an employer or pension provider
- owe below £3,000
If HMRC is unable to collect the money using this method, it will contact you through the post to let you know how you will pay.
Quick Sum Up
Hopefully, you have learned how to get a P800 refund from HMRC. P800 will be sent by HMRC if you overpay or underpay tax. It will tell you how to pay the tax you owe and how to get a refund. Bear in mind that if you are registered for self-assessment you won’t receive P800. Not everyone will receive it, except those who have made a tax rebate claim.
Still, confused? You need to talk to our experts to get your queries answered swiftly!
Rely on Accotax to sort out your accounting, tax, payroll, and cash flow issues. Feel free to schedule a meeting!
Disclaimer: This blog is written for general information only.
