Full tax calculation and the real meaning of Tax Calculation (sometimes called P800).
It's worth noting that Tax Calculation is a letter with tax calculation for a single tax year issued by the tax authorities.
The letter is sent to your home address registered in HMRC at the time of calculation. Furthermore, a copy of the letter will be sent to your agent. On average, the post will deliver it in 2-3 weeks.
The first page of the calculation contains the amount of overpaid taxes (HMRC owes you) and unpaid taxes (You owe HMRC).
The second page of the calculation contains information about all types of income including salaries, pensions, personal assets and interests, paid taxes, personal allowance, other tax credits and the final result of the calculation.
When you will receive the P800
It will be automatically issued in case you have overpaid or underpaid taxes. The P800 letter is sent by the end of November, after the end of the tax year on April 5. One is able
to submit a request to HMRC in order to get a calculation. You can receive the calculation throughout the year.
By the way, HMRC won't be able to issue a copy of the calculation in case they sent you the P800 letter, while you didn't receive it. In this case, you can only apply for a short version of the calculation.
P800 says that you have a refund In case if the P800 letter says that you got a tax refund, you can get it online by providing a number of a bank account in the UK. The money will be credited in 5 working days. In case if you don't do anything, HMRC will send you a cheque in 45 days.
In case if the P800 says that you will receive a cheque, it will arrive in 14 days after the date of the P800 issuance.
In case if you had overpaid taxes in previous years, you will get a single cheque for the entire amount. If you have an agent, there are high chances that they will receive it.
💡 Useful tip:
- In case if you are sure that the Tax Calculation contains the wrong amount, you need to contact the HMRC or one of our agents.
- In case if you haven't received the Tax Calculation you need to contact the HMRC or one of our agents.