Tax Relief for Employment Expenses Form P87
The P87 form is designed for employees to claim tax relief on job-related expenses. It simplifies the process of reporting legitimate expenses for professional subscriptions, fees, and working from home. This guide will help you navigate through the filing process with ease.
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How do I fill this out?
To fill out this form, ensure you have all relevant details at hand. Start by entering your personal and employment information accurately. Follow up with the specific expenses you wish to claim, ensuring you provide all required documentation.
How to fill out the Tax Relief for Employment Expenses Form P87?
1
Gather your personal information including your National Insurance number.
2
List your employment details for each job during the relevant tax years.
3
Specify the expenses you're claiming, ensuring none exceed the allowable amounts.
4
Double-check all sections to ensure completeness and accuracy.
5
Sign and date your form before submission to HMRC.
Who needs the Tax Relief for Employment Expenses Form P87?
1
Employees looking to claim back work-related expenses.
2
Anyone who has incurred costs for professional subscriptions.
3
Individuals who have worked from home and wish to claim related expenses.
4
Persons using their own vehicle for work and needing mileage relief.
5
Professional workers who have paid fees for required qualifications or training.
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What are the instructions for submitting this form?
To submit your P87 form, mail it directly to HMRC at the address specified on the form, ensuring the correct postage for timely delivery. You can also submit through HMRC's online service if you have registered for their digital portal. For questions at any point during the process, feel free to contact the Self Assessment Helpline at 0300 200 3310.
What are the important dates for this form in 2024 and 2025?
Important dates for the P87 tax relief form in 2024 include the deadline for submitting your claim by the end of the tax year on April 5th. For those filing in 2025, be aware that the same deadline applies. Keep track of any changes to tax regulations that may affect your claims.
What is the purpose of this form?
The purpose of the P87 form is to allow employees to reclaim tax relief for necessary expenses incurred during their employment. By completing this form, employees can report legitimate costs related to their jobs, which can reduce their overall taxable income. This process ensures that individuals are not financially burdened by expenses directly related to their work responsibilities.
Tell me about this form and its components and fields line-by-line.
- 1. Personal Details: Includes fields for your name, contact information, and National Insurance number.
- 2. Employment Details: Requests information about your employer, job title, and PAYE reference.
- 3. Expense Claims: Allows for entry of expenses including mileage, subscriptions, and flat rate expense claims.
- 4. Declaration: Requires your signature and date to confirm the accuracy of your claims.
What happens if I fail to submit this form?
Failing to submit the P87 form could result in missing out on tax relief benefits you're entitled to. Additionally, not providing complete information may lead to the rejection of your claim by HMRC, delaying refunds or causing financial discrepancies.
- Financial Loss: Not reclaiming eligible expenses may lead to overpayment of tax.
- Rejection of Claims: Incomplete forms are often rejected by HMRC, making it crucial to follow guidelines.
- Missed Deadlines: Staying aware of submission deadlines is essential to avoid penalties.
How do I know when to use this form?
- 1. Claims for Multiple Years: Use the P87 for expenses across different tax years impacting your total claim.
- 2. Multiple Employments: Claim expenses related to more than one job during the same tax year.
- 3. Specific Expenses: File claims for specific work-related expenses, such as professional fees.
Frequently Asked Questions
Who can use the P87 form?
Any employee who has incurred work-related expenses during the tax year can use the P87 form to claim tax relief.
What expenses can I claim with the P87?
You can claim for professional subscriptions, mileage costs, and necessary expenses incurred while working from home.
Is there a limit on how much I can claim?
This form should be used if your allowable expenses are £2,500 or less for the year.
How do I submit the completed form?
Once completed, submit your P87 form to HMRC by mail or via their online services.
Can I claim for multiple jobs?
Yes, the P87 form can be used to claim expenses related to multiple employments.
What if I haven't paid tax this year?
If you have not paid any tax during the year, you will not be entitled to a refund.
How do I know if I need to fill out a Self Assessment?
If your claim exceeds £2,500, you must complete a Self Assessment tax return.
Can I edit my P87 form after submission?
Once submitted, you cannot edit the form through PrintFriendly, but you can always create a new version.
What information do I need to fill out the P87?
You will need your personal details, employment information, and specific expenses you are claiming.
Where can I find more information on P87?
Refer to the official HMRC guidance for the most comprehensive instructions on using the P87 form.
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