how much can you claim on p87 form

k13evo

hi can anyone help with how much you can claim on a p87 form
my time keeper says that i can claim £3000 back for the millage i did last year. not to sure about dealing with tax forms, scared i do something wrong and they ask me for money !!!!

Mikeyorks

You can only use the P87 up to £2500 (read the form).

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=lNKqI3HRKkQ&formId=769

Although the HMRC info is a tad confusing in another area :

HMRC will send you form P87 if any of the following apply:

• you ask them to
• you claim expenses over £1,000
• it's the first time you've claimed
• you're claiming expenses for a year before the previous tax year

The form asks for details about your expenses and how you worked out
the amount you want to claim.

...... followed by

If your expenses claim is for more than £2,500, HMRC will give you relief in your tax code for the current year and for the next one - and send you a tax return to fill in. They will also check your tax calculation for the previous year.

k13evo

thanks for the reply but should i just put the form in for £3000 or just the £2500 or a self assesment ? thanks...

Mikeyorks

Based on the text I quoted - submit the form. As it's the 1st claim?

Bear in mind the £3k is 'relief' not cash back? If you pay tax at 20% - it's worth (£3000 @ 20% £600.