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Tax return details
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bon98uk
Posts: 8 Forumite
in Cutting tax
Hi everyone,
Can anyone confirm my understanding or suggest how I should go about this.
In Aug 2009 I was made redundant and took early retirement at the same time. (So I am on a company pension, lot lower than my salary was). The redundancy was >30K so I paid tax on the excess over this amount.
I am now considering my tax return (online) and I am confused about the way this works.
My understanding is that I am filling in my tax return with the details of my tax (P60 etc.) from the previous year. (i.e. I use P60 etc from year to April 2009 to fill form for 2009-2010. But this data contains nothing about my redundancy payment?
If I follow this logically will use P60 for 2010 to fill 2009-2010 which implies a 'hefty' earnings from the redundancy payment.
So I am a bit confusd on correct way to proceed.
Any help or sensible suggestions?
Can anyone confirm my understanding or suggest how I should go about this.
In Aug 2009 I was made redundant and took early retirement at the same time. (So I am on a company pension, lot lower than my salary was). The redundancy was >30K so I paid tax on the excess over this amount.
I am now considering my tax return (online) and I am confused about the way this works.
My understanding is that I am filling in my tax return with the details of my tax (P60 etc.) from the previous year. (i.e. I use P60 etc from year to April 2009 to fill form for 2009-2010. But this data contains nothing about my redundancy payment?
If I follow this logically will use P60 for 2010 to fill 2009-2010 which implies a 'hefty' earnings from the redundancy payment.
So I am a bit confusd on correct way to proceed.
Any help or sensible suggestions?
0
Comments
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You are currently completing your 2008-09 tax return which includes details of income for the period from 6/4/08 to 5/4/09. This will not include any details about your redundancy.
Your 2009/10 tax return will be sent to you in April and this is the one where you will include your redundancy pay - just ensure when you come to complete this that you include the tax free element of the redundancy pay in the appropriate box or you will be taxed on it.0 -
Hi Rolo,
This is sort of what I thought. The 'problem' I have with this is that this will generate a tax code for 2009-2010 which is based on my full year earnings of 2008-2009 and so I will get stung for a lot more tax for this year even though I am now earning a lot less. Sure I may get a tax rebate but it means 'lending' money to the government without any interest or return on it.
Thanks for the reply.
regards,
bon0 -
you already have your tax coding for 2009-2010 ..that's this year
so I don't really understand what you are saying here.0 -
Although there are certain circumstances where your earnings effect your tax code I cannot think of any that would to apply to you. If you are worried just give your local tax office a call to let them know what your earnings for 2009-10 will be.0
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