Have you received a P800 Tax Calculation Letter from HMRC?
Why have I received this letter? You will receive this tax calculations letter if HMRC think that you have underpaid or overpaid tax in a previous year.
In most cases the adjustment will relate to an incorrect tax code in a previous year which miscalculated the taxation on an employer benefit such as a company car or private medical insurance.
What do I need to do?
If you are an employee and pay your income tax through your employer PAYE system then in most cases an underpayment will be collected through future tax payments so you should not have to do anything. The letter accompanying the P800 tax calculation should explain this.
If you have overpaid tax and are due a rebate, the letter should be accompanied by a cheque. If not, you should phone HMRC and ask for it.
Do I need to do a Self-Assessment Tax Return?
If you are a full time employee and have no other income then you do not need to do a tax return. If you have other income, for example from a rented property, interest / dividend generating investments or other income generating assets, you do need to complete a self-assessment tax return to declare that income.
If you are unsure of what you need to do or need some general payroll or income tax advice, give us a call on 0131 556 8595 and talk to our tax experts.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
