This Content Was Last Updated on February 9, 2017 by Jessica Garbett
HMRC is testing a change with taxpayers.
From 1 August some taxpayers due a refund may see a slight change to the end of year reconciliation letter they receive (P800).
HMRC will be testing how this change works with the aim of getting taxpayers to use their Personal Tax Account with the promise they will get their rebate quicker. It is also expected that the account will contain an explanation of why the taxpayer is receiving a rebate.
HMRC has said that taxpayers who have paid too much tax will be invited to submit their bank details through their Personal Tax Account. They will then receive their repayment direct to their bank account within three to five days.
It has also been highlighted that where a taxpayer is owed a repayment and takes no action within 45 days HMRC will automatically post a payable order to them.
Article from ACCA In Practice