Overpaid or Underpaid Tax in 2015?

Overpaid or Underpaid Tax in 2015?

Dealing with tax issues can be daunting and if you are really not sure, then it may be preferable to contact a local, Salford based accountants office such as, MCC Accountants who can carry out the process for you. The following information will explain what type of form you will need and how it can be used to even out any overpaid or underpaid tax in 2015. The process is very simple and fast, with a wealth of help available at your fingertips just in case you find something difficult.

What is a P800 Form

A P800 is the name of the form that will tell you whether you have over or underpaid on tax in any given working year. If the tax office believe that a mistake has been made, then they will automatically send you the form in the post. If you believe that a mistake has been made, then you can request a form to check. By cross referencing the information on the P800 with your own records i.e. P60, bank statements and HMRC contact, you can alter any misinformation and return it to the tax office. When you receive your P800, you will also get a booklet detailing how to fill in every section of the form or you can visit the ‘Your P800 Tax Calculation Explained’ section on the HRMC website for further help and information.

Here’s What To Do If You Have Overpaid Tax 2015

Overpaid tax in 2015 is very simple to get back. Upon receiving your requested P800 form you simply fill it in completely and honestly, then return it to the address provided. Within 14 days you will receive a check for the overpaid amount. Quick, simple and stress free.

Here’s What To Do If You Have Underpaid Tax 2015

It is standard practice to alter your tax code for the following year in order to recover any unpaid tax. This means that if you owe less than £3000, you don’t have to pay a large lump sum immediately; instead you can pay what you owe in automatically debited monthly instalments.  If what you owe exceeds £3000, then you will be asked to arrange a separate monthly payment plan on top of your regular tax deductions. These amount of these payments will be decided upon by working out what will best suit your income amount and they will continue until the debt is cleared.

Whether you decide to do this yourself, or use a local Salford based accountants firm, such as MCC Accountants, you can be assured that the process is both quick and simple when clearing any discrepancies with your tax.

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