If you have paid either too much or too little tax during the financial year, HMRC will send you a ‘P800 Tax Calculation’ some time between now and October 2015.
If you’ve paid too much tax
If you’ve paid too much tax then you will receive a cheque for the overpayment within 2 weeks of the P800 being issued.
If you’ve paid too little tax
If you’ve paid too little then the P800 will explain how much you owe and how HMRC intend to collect it. Usually this will be by adjusting your tax code so that the tax is recouped via future tax on earnings, however exceptions to this would include, for example, a situation where the taxpayer is now unemployed, in which case HMRC would explain alternative options for paying the money due.
If you’d like to learn more about the P800 tax calculation, including details of how you can download an app for your smart phone to check your tax, watch the HMRC video above — it’s only 3 minutes or so long.
Professional tax help & advice
If you’re still unsure whether HMRC’s figures are correct then the easiest, most stress-free option would be to come to see us at Taxfile and we can check the figures and sort it all out for you. We’re based in Tulse Hill (offices also in Dulwich, South London and Exeter, Devon). Call 0208 761 8000 for further details, book an appointment with a tax adviser online or contact us here and we’d be delighted to help.