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. Read more