What is a P87?
At Maximum Rebate, we understand the importance of claiming every penny you’re entitled to, and that includes tax relief on your work expenses. One key document for this purpose is the P87 form. This guide will walk you through what a P87 is, how to use it, and how Maximum Rebate can help you maximize your tax refunds.
A P87 form is a document provided by HM Revenue and Customs (HMRC) in the United Kingdom, used by employees to claim tax relief on work-related expenses that have not been reimbursed by their employer. This form is specifically designed for employees under the PAYE (Pay As You Earn) system who have incurred allowable expenses in the performance of their duties.
Who Can Use a P87 Form?
You should use a P87 form if:
- You are an employee, not self-employed.
- Your work-related expenses are under £2500 for the tax year.
- You haven’t submitted a self-assessment tax return for the relevant tax year.
- Self-employed individuals and those with expenses over £2500 must claim their expenses through the self-assessment system.
Allowable Expenses on a P87
The types of expenses you can claim on a P87 include:
- Mileage and travel costs: For business journeys using your own vehicle or public transport.
- Professional fees and subscriptions: To approved professional bodies necessary for your work.
- Uniform and work clothing: Costs for cleaning, repairing, or replacing uniforms or specialist clothing.
- Tools and equipment: Costs incurred in maintaining tools and equipment essential for your job.
- Hotel and meal expenses: When staying overnight for work-related travel.
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How to Complete a P87 Form?
Personal and Employment Details
- Personal Information: Include your full name, address, and National Insurance number.
- Employment Details: Provide your job title, employer’s name, and PAYE reference number (found on your payslip).
Expense Details
- List of Expenses: Itemize each expense, providing the date, amount, and a brief description.
- Receipts and Records: Attach receipts and any other supporting documents to substantiate your claims.
Submission
You can submit the P87 form online through the Government Gateway or by post. For online submissions, you’ll need a Government Gateway user ID and password. Once submitted, HMRC will review your claim, and if approved, adjust your tax code or issue a refund.
How Maximum Rebate Can Help
Navigating tax forms and understanding allowable expenses can be daunting. That’s where Maximum Rebate steps in. Our expert team can help you:
- Identify Eligible Expenses: Ensure you’re claiming all possible expenses.
- Prepare and Submit Forms: Accurately complete and submit your P87 form.
- Follow Up: Track your claim and handle any queries from HMRC.
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How to Claim a Tax Rebate with Maximum Rebate
Claiming a tax rebate involves several steps, and Maximum Rebate simplifies this process for you. Here’s a detailed guide to ensure you get the most out of your tax claims.
Step 1: Determine Eligibility
Before claiming a rebate, check if you qualify:
- Employment Status: Ensure you are an employee and not self-employed.
- Expense Threshold: Confirm your expenses are below £2500 for the tax year.
Step 2: Gather Necessary Information
Collect all relevant details and documents:
- National Insurance Number: Essential for identification.
- PAYE Reference Number: Found on your payslip.
- Expense Records: Keep receipts and records of all allowable expenses.
Step 3: Complete the P87 Form
Fill out the P87 form with accurate information:
- Personal Details: Name, address, and NI number.
- Employment Details: Job title, employer’s name, and PAYE reference.
- Expense Details: Date, amount, and description of each expense.
Step 4: Submit the Form
Submit your P87 form either online via the Government Gateway or by post. If you choose to submit online, ensure you have a Government Gateway user ID and password.
Step 5: Monitor Your Claim
After submission, HMRC will review your claim. They may request additional information, which could extend the processing time. Typically, it takes about 10-12 weeks for a claim to be processed.
Step 6: Receive Your Refund
If your claim is approved, HMRC will either adjust your tax code or issue a refund. The refund can be paid directly into your bank account or sent as a cheque.
Common Questions About P87 Claims
How Long Does It Take to Process a P87 Claim?
HMRC usually takes around 10-12 weeks to process a P87 claim, but this can vary depending on the time of year and whether additional information is required.
What Happens if My Claim is Rejected?
If your claim is rejected, HMRC will provide a reason. You can address the issue and resubmit your claim. Maximum Rebate can assist you in resolving any issues and ensuring your claim is accurate and complete.
Can I Claim for Multiple Jobs?
Yes, you need to submit a separate P87 form for each job you’re claiming expenses for. Ensure you have all relevant PAYE details for each employer.
The P87 form is a valuable tool for employees to claim tax relief on work-related expenses. By understanding the process and ensuring accurate submissions, you can maximize your tax refunds. At Maximum Rebate, we are committed to helping you through every step of the process, ensuring you get the most out of your tax claims.
For personalized assistance and to ensure your claims are handled efficiently, contact Maximum Rebate today. Our experts are here to help you navigate the complexities of tax relief and get the refunds you deserve.
Are you owed tax back? Find out today
Getting started is easy, fast and free. We work on a no win no fee basis.