PAYE Balancing Statement: Who Qualifies and What You Get
Learn how the PAYE Balancing Statement works to settle your tax for the year, whether you are owed a refund or need to pay more.
A PAYE Balancing Statement is a formal calculation used to settle any differences between the tax you actually paid and the tax you were required to pay for the year.
Who it's for
This is for PAYE workers who may have overpaid or underpaid their tax throughout the year.
What you get
Depending on the final calculation, you will either receive a refund of overpaid tax or receive a bill for any tax that remains unpaid.
What it costs you
It is free to receive the statement, but it requires about 5 to 10 minutes of your time to review your details online once the tax year has ended.
The catch to know
The process is not always automatic; you may need to manually request a review to ensure your tax position is corrected.
How to apply
- Wait for the end of the tax year.
- Log in to the official revenue portal.
- Review your balancing statement and any requested changes.