Payroll Services News

HMRC Starts tax calculation process

Around 5.5 million people will receive tax calculations called P800s in October. If you are on the list what should you be looking for?

HMRC will review the 2012/2013 tax liabilities for millions of PAYE tax payers throughout October. If you complete a self assessment then you don't need to worry.

The review is done mainly by computer but much of the information has been manually input and so errors are inevitable.

If you get a letter from HMRC you should check the basics first - P60's & P45's and if applicable P11D's against HMRC calculations within the P800 is a good start.

Watch out for HMRC estimates for non PAYE income such as interest or dividends as they are often too high and dont hesitate to contact HMRC if you think they are wrong.

If you have underpaid tax of £3000 or less and have continuing income then HMRC will attempt to collect it via your tax code. If you have overpaid you will receive a cheque within 14 days.

Joomla SEF URLs by Artio