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Since July 2011, HM Revenue and Customs (HMRC) have been sending out P800 Tax Calculation documents relating to the 2010/11 tax year. Youâll typically get a P800 if you have paid too much or too little tax during the tax year. Keep reading to find out what you should do if youâve received a P800 form.MRC prioritise people who paid too much tax during the previous tax year in order that they get their money back quickly. If you have paid too much tax a cheque will automatically be sent to you within 14 working days of the date on your P800 Tax Calculation.
You file Form 1040 and complete Schedule B (Form 1040A or 1040). On line 1 of Schedule B (Form 1040A or 1040), you list the $500 and $300 interest amounts shown on your Forms 1099. Several lines above line 2, you put a subtotal of $800.Below this subtotal, enter U.S.hen you prepare your own federal income tax return, report the total amount of interest income, $1,500, on Schedule B (Form 1040A or 1040), Part I, line 1, and identify the name of the bank that paid this interest.