If you have received pension income or pay through employment during the last tax year, you may receive a P800 Tax Calculation from HMRC over the coming weeks.

The P800 is a summary of all of the income, benefits and allowances that you have received during the period 6th April 2013 to 5th April 2014, based on information sent to HMRC by your pension provider, employer or through your personal tax return.

Most employers and pension providers will accurately calculate and deduct the tax you owe from your income and pay this across to HMRC. However, they can and do make mistakes, so the emphasis is on you to double check the figures that HMRC send through. If you find that your employer has not taken reasonable care to ensure your tax is correct – for example failing to use the correct tax code – your employer may have to pay any additional tax due, rather than you. If you have overpaid tax according to your P800, you should receive your refund by cheque within 14 working days of the date on your P800. If you have underpaid tax, HMRC may indicate that your tax code will be adjusted to collect higher tax through your payslips to settle the amount owing. This extra tax will be collected equally throughout the year. If there is no indication that your tax code will be adjusted to collect the owing tax, you should receive instructions on how HMRC advise you to pay the tax that you owe.

The biggest change for the tax year 2013-14 will be the introduction of the High Income Benefit Charge (HICBC), which will impact you if you earn over £50,000 and receive child benefit. If any of the details on your P800 Tax Calculation appear to be incorrect, contact HMRC as soon as possible, or get in touch with us and we will advise you.

There is more information on the HMRC site here