P800s – are they really going out now?
Having told us in June that the annual reconciliation statements, the P800, were to begin being issued to be complete in September as normal. Fast forward two months and HMRC announced on 12th August that they were only now being sent with a completion date of October. Is the delay ominous? Does it reflect the poor standard of RTI data that informs the P800s?
Given the potential for duplicate records and other systems issues with FPS data once received by HMRC, all individuals who receive a P800 should check its accuracy back to the total of their P60s, any institution and any other official documentation provided by DWP or a financial institution in order to be certain that the income reported on the P800 and the ensuing tax due is accurate.
You’ll recall there was confusion last year when HMRC announced in October that a number of P800s sent out over a 3-week period in September were inaccurate and that any cheques received accompanying them should not be banked.
The Low Incomes Tax Reform Group provide some useful FAQs on P800s, whilst these refer to 2013/14, the principles are unchanged year on year.