If you are a UK taxpayer, chances are that at some point you will have received a P800 tax calculation.
These documents are produced by HMRC and are issued when it feels you have under or overpaid tax.
Generally computer-generated, the P800 tax calculations are far from infallible and with more being issued, Williams Denton is now offering a free review service.
Keith Barker of Williams Denton, Bangor, said: “Once P800 tax calculations were only issued to those not under self-assessment, but that is no longer the case.
“We are aware that some are issued to taxpayers who have already submitted a tax return with their Unique Tax Reference (UTR) number and HMRC has not linked the UTR with the National Insurance Number.
“If you have variable income, for instance through rental properties, the P800 may include unverified figures.”
Anyone receiving a P800 tax calculation is advised to thoroughly check all of the details are correct by comparing the figures with their own records.
If the calculation is correct, then there isn’t any need to take action. Anyone who has overpaid will automatically be sent a cheque within 14 days of receipt of the P800.
Those who have underpaid will usually be notified that their tax code will change to recover the funds. If this can’t be collected through the tax code, a letter from HMRC will be issued explaining how to pay.
Keith added: “At Williams Denton we are able to conduct a free tax review to check your P800 tax calculation is correct, so I would urge anyone with doubts to get in touch with our offices in either Bangor or Llandudno.”
If any subsequent work is needed to claim a tax refund or reduce a tax liability Williams Denton will provide a quote in advance.