[Finance] Tax question

happypig

Staring at the rude boys

May 23, 2009

7,972

Eastbourne

• Oct 24, 2019

• #1

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

 

Tim Over Whelmed

Well-known member

NSC Patron

Jul 24, 2007

10,197

Arundel

• Oct 24, 2019

• #2

I find ringing them always gets a quick and good resolution, seriously, I'm not being sarcastic

 

Driver8

On the road...

NSC Patron

Jul 31, 2005

15,984

North Wales

• Oct 24, 2019

• #3

Give them a ring.

 

maltaseagull

Well-known member

Feb 25, 2009

13,030

Zabbar- Malta

• Oct 24, 2019

• #4

happypig said:

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

Click to expand...

Personally, I would ring them. I had some issues with tax on my UK pensions and they were really helpful.

Of course you might get a response on here from some clever clogs telling you to google it like he does

 

beorhthelm

A. Virgo, Football Genius

Jul 21, 2003

35,313

• Oct 24, 2019

• #5

from my experience of over payments, they pay them back automatically at the end of the financial year (with interest!). thats on PAYE though.

 

Gritt23

New member

Jul 7, 2003

14,902

Meopham, Kent.

• Oct 24, 2019

• #6

Lay out as clearly as you can, what has happened, and where you think you've been overtaxed, then ring them, and talk it through.

 

happypig

Staring at the rude boys

May 23, 2009

7,972

Eastbourne

• Oct 24, 2019

• Thread starter
• #7

Thanks for the replies, will give them a bell

 

Billy Seagull

Bookie Basher

Jul 5, 2003

1,433

• Oct 24, 2019

• #8

There is a form on their website and they will pay you back in a few weeks, we’ll they did me last year anyway.

 

H

hastings

Member

Jan 15, 2010

486

Suffolk

• Oct 24, 2019

• #9

Typically speaking a phone call will get a quicker resolution but otherwise following the end of the tac year in which the overpayment is made, a p800 will be issued (usually around september time) at which point any refund will be given.

 

father_and_son

Well-known member

Jan 23, 2012

4,646

Under the Police Box

• Oct 24, 2019

• #10

happypig said:

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

Click to expand...

From experience, yes, EVENTUALLY, you will get something from them after the end of the appropriate tax year.
Much quicker would be to make a self-assessment claim and highlight that you are due a refund. Depending on your personal circumstances this can be simple or need an accountant's help (only you'll know).

Getting anything from them mid way through a tax year is difficult because they will argue you could go back to work.

 

T

Tight shorts

Active member

Dec 29, 2004

311

Sussex

• Oct 24, 2019

• #11

If you haven't given your P45 from your old job to the pension company they won't be able to apply the correct tax code to your pension and you will probably pay emergency tax.

If the pension provider does have your P45 then any tax refund should be paid to you via the payroll system of the pension provider. You may find that you get a bit back each month up to March 2020.

 

Blue3

Well-known member

Jan 27, 2014

5,574

Lancing

• Oct 24, 2019

• #12

Tim Over Whelmed said:

I find ringing them always gets a quick and good resolution, seriously, I'm not being sarcastic

Click to expand...

I agree they are quite approachable and I have found them to be helpful

 

Weststander

Well-known member

NSC Patron

Aug 25, 2011

64,057

Withdean area

• Oct 24, 2019

• #13

father_and_son said:

From experience, yes, EVENTUALLY, you will get something from them after the end of the appropriate tax year.
Much quicker would be to make a self-assessment claim and highlight that you are due a refund. Depending on your personal circumstances this can be simple or need an accountant's help (only you'll know).

Getting anything from them mid way through a tax year is difficult because they will argue you could go back to work.

Click to expand...

But HMRC would be immediately notified of new employment, by the employer, under the RTI system. So there’s danger to HMRC of giving a large tax repayment, they shouldn’t of in that circumstance.

 

H

Hampster Gull

New member

Dec 22, 2010

13,462

• Oct 24, 2019

• #14

My experience is if you give them a phone and get through they are brilliant and will sort it