P800's for those taken out of Self Assessment

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A few of our clients with small amounts of investment income have been taken out of Self Assessment and just issued with a P800 tax calculation for 2017-18.

However, I noted that most I have checked are due tax rebates but shouldn't be because HMRC are using the interest received from the 2016-17 tax year.  So the client I have just looked at, although the pension income is correct for 2017-18, they have shown the 2016-17 interest and dividends on the 2017-18 P800 so have told her she is entitled to a tax rebate of £100 relating to taxed interest, but she has only received gross interest during 2017-18.

Just a heads up really in case they do end up catching up with these errors.

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By CJaneH
27th Jul 2018 16:50

I have had one like yours. DO HMRC think that investment income is 'fixed'? Do they not realise that a managed fund is managed and the income hopefully goes up but may go down.

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