Claiming Back Your Overpaid Tax
Sometimes people end up overpaying their taxes on any wage. There are procedures that can help you gaining back the overpaid money. You must be aware of the HMRC’s P800 tax calculation process. This process will help you find out the right amount you are liable to pay. The best part is, HMRC automatically issues a repayment certificate. You will be refunded the extra amount automatically. Besides, if no repayment is processed, you have to raise a claim for tax repayment. Tax rebate contact number can be found on their website. HM Revenue and Customs (HMRC) receive information regarding your pay from your employer.
Other information like how much tax you are liable to pay and how much you have paid, what benefits were drawn from it, all are present with the HMRC people. All of this information are used to carry out a reconciliation process automatically. The reconciliation is done at the need of every fiscal year. HMRC uses all the information and calculation to evaluate whether you have paid the right amount of tax or not. In case you have not paid the right amount, they will send you a P800 tax calculation. The calculation will tell you where you went missing.
Be careful when checking your P800 calculation. If you miss out on any single detail, there would be a huge misunderstanding. There are chances that you are at fault hence they have sent you the calculation. However, there are chances that the HMRC officials have wrong information about you. Hence, calculate on your front very carefully and then act accordingly. In case you have overpaid, they will automatically send you the repayment. On the other hand, if you miss out the exact amount, they will send you the calculation to show you how much extra you need to pay.
Before you call HMRC for any queries make sure you have all the essential details with you. All the personal details such as national insurance number, address and DOB. You must have the details of your employers. Such as the PAYE number, must be with you, if not then ask your employer to give it to you. Keep a thorough estimate of your earnings from whatever source of income you have. It must be in accordance with the current tax year. Having all this information at one place will make your query solving attempt easier.
For future reference, note down the time of the call, the name of the adviser to whom you spoke and the basics of the conversation you had. It is important to maintain the record. Necessarily a person will never be able to store all the information in his or her mind. Hence, noting them down somewhere would reduce the chances of missing out on any important information. Anything related to money is a matter of concern, hence it must be handled with care. If you are leaving your work and do not wish to continue the same, you will have to fill the P50 form for tax repayment.