Submitting p21 balancing statement v tax back companies

StarBright01

I'm a bit confused as to the difference between submitting a p21 balancing statement online myself versus the services that tax back and such companies provide.

Can anyone shed any light?

mrsbeebee

Those companies charge a fee or %. Do it yourself and any refund is all yours! In my experience any refund is in my account pretty quickly.

StarBright01

mrsbeebee wrote: »

Those companies charge a fee or %. Do it yourself and any refund is all yours! In my experience any refund is in my account pretty quickly.

So submitting a p21 balancing statement is pretty much the same thing?

amtc

You don't submit a p21. You request one or submit a Form 12 which generates one.

hjr

I guess the main difference is to know what your claiming for, and that you don't miss anything e.g. paye credit, home carer credit maybe, medical expenses.

Its pretty straight forward to do it yourself, but you may have specific circumstances which may need an experts help....

relax carry on

StarBright01 wrote: »

I'm a bit confused as to the difference between submitting a p21 balancing statement online myself versus the services that tax back and such companies provide.

Can anyone shed any light?

Utterly pointless using one of those companies unless you have particularly unusual circumstances or need assistance declaring additional income.

Also unless you've been swapping jobs etc through the year requesting a p21 balancing statement should return a result of balanced meaning you aren't owed a refund and you don't owe any additional tax. If you were in a single job for the entire year, the tax you paid should be correct.

wiggle16

relax carry on wrote: »

Utterly pointless using one of those companies unless you have particularly unusual circumstances or need assistance declaring additional income.

Also unless you've been swapping jobs etc through the year requesting a p21 balancing statement should return a result of balanced meaning you aren't owed a refund and you don't owe any additional tax. If you were unable single job for the entire year, the tax you paid should be correct.

^^^^^^^ this. This is the best advice you could ever receive about claiming back tax.

When you log into MyAccount and select Manage My Tax, you have the option to request a P21 Balancing statement. This will calculate your tax owed/paid based upon the information revenue already has about you and your job.

If you select the Form12, you can add credits you may be due, such as health expenses etc.

And this is what a tax back company will do.

If you go through a tax back company or agent, you will literally be paying them to do what you could just as easily do by opening a new tab after reading this thread. Unless you have complicated circumstances, I wouldn't go looking at a tax back company.

van_beano

Claimed my health expenses online 3 days ago, balancing statement got issued yesterday and the refund lodged to my account today. Very straight forward for a PAYE worker.