[UK] 7.6m taxpayers should look out for HMRC refund letters

According to new research, around 7.6 million UK taxpayers, including many PAYE employees, could be due a tax refund from HMRC, MSN reports.

The agency is due to send out a large number of P800 forms for people to claim back any money owed to them.

A P800 is a type of tax calculation performed by HMRC to ensure everyone is paying the correct amount of tax. When HMRC believes an individual has either over or under-paid tax, it will send a letter containing a P800 form. For the vast majority of cases, P800 impacts PAYE employees rather than the self-employed.

Research by finance specialists RIFT has reportedly estimated that around 7.6 million people could receive the forms.

A spokesperson for RIFT told Daily Express, "RIFT has analysed historic data showing the number of P800 forms distributed by HMRC and used it to calculate a forecast on the number of forms that HMRC will send out in 2024, therefore revealing how many people in the UK could be about to receive a tax refund.

"In 2015, HMRC sent out seven million P800 forms. In that year, it is estimated that there were just over 26.4 million PAYE employees in the UK, so P800s were sent to approximately 26.5 per cent of people.

"In 2024, it is estimated that there will be just over 28.5million PAYE employees. If HMRC sends P800 forms to 26.5 per cent of these, it means nearly 7.6 million people can expect to receive one in the post."

If HMRC calculates that tax has been overpaid, the taxpayer will be entitled to a refund. If, however, they are believed to have been underpaid, they may have to give more money to the agency.

The spokesperson said, "Keep an eye on your post. P800 forms tend to be sent during the summer months, so HMRC will be gearing up to distribute them through the post as we speak.

"The form will tell you whether you have over or under-paid and by how much.

"If you have overpaid, you are in line for a refund. The form will outline how you can make a tax rebate claim to HMRC. The fastest way to issue this claim is through the HMRC P800 refund website or the HMRC mobile app.

"If, however, you're not given this option, or you don't do this within 21 days of the form's issue date, HMRC will simply send a cheque in the post for the correct amount."If you are told you have underpaid your tax, you will be told how much you owe and this so-called PAYE Debt will need to be paid to HMRC as soon as possible.

"If you cannot afford to pay it all at once, you will be able to spread the payments out over time.

"If, however, you think a mistake has been made and that you don't owe any tax, you can challenge the P800 calculation by speaking to the taxman."

Bradley Post - managing director of RIFT - said, "HMRC's PAYE system is an extraordinary machine of tax collection, but it isn't perfect and millions of mistakes are made every year.

"However, HMRC's internal check and balances system means that it often spots these mistakes in hindsight and does all it can to ensure people are either refunded, or top up what they owe."

Source: MSN (via Daily Express)

According to new research, around 7.6 million UK taxpayers, including many PAYE employees, could be due a tax refund from HMRC, MSN reports.

The agency is due to send out a large number of P800 forms for people to claim back any money owed to them.

A P800 is a type of tax calculation performed by HMRC to ensure everyone is paying the correct amount of tax. When HMRC believes an individual has either over or under-paid tax, it will send a letter containing a P800 form. For the vast majority of cases, P800 impacts PAYE employees rather than the self-employed.

Research by finance specialists RIFT has reportedly estimated that around 7.6 million people could receive the forms.

A spokesperson for RIFT told Daily Express, "RIFT has analysed historic data showing the number of P800 forms distributed by HMRC and used it to calculate a forecast on the number of forms that HMRC will send out in 2024, therefore revealing how many people in the UK could be about to receive a tax refund.

"In 2015, HMRC sent out seven million P800 forms. In that year, it is estimated that there were just over 26.4 million PAYE employees in the UK, so P800s were sent to approximately 26.5 per cent of people.

"In 2024, it is estimated that there will be just over 28.5million PAYE employees. If HMRC sends P800 forms to 26.5 per cent of these, it means nearly 7.6 million people can expect to receive one in the post."

If HMRC calculates that tax has been overpaid, the taxpayer will be entitled to a refund. If, however, they are believed to have been underpaid, they may have to give more money to the agency.

The spokesperson said, "Keep an eye on your post. P800 forms tend to be sent during the summer months, so HMRC will be gearing up to distribute them through the post as we speak.

"The form will tell you whether you have over or under-paid and by how much.

"If you have overpaid, you are in line for a refund. The form will outline how you can make a tax rebate claim to HMRC. The fastest way to issue this claim is through the HMRC P800 refund website or the HMRC mobile app.

"If, however, you're not given this option, or you don't do this within 21 days of the form's issue date, HMRC will simply send a cheque in the post for the correct amount."If you are told you have underpaid your tax, you will be told how much you owe and this so-called PAYE Debt will need to be paid to HMRC as soon as possible.

"If you cannot afford to pay it all at once, you will be able to spread the payments out over time.

"If, however, you think a mistake has been made and that you don't owe any tax, you can challenge the P800 calculation by speaking to the taxman."

Bradley Post - managing director of RIFT - said, "HMRC's PAYE system is an extraordinary machine of tax collection, but it isn't perfect and millions of mistakes are made every year.

"However, HMRC's internal check and balances system means that it often spots these mistakes in hindsight and does all it can to ensure people are either refunded, or top up what they owe."

Source: MSN (via Daily Express)