We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Giving up work - help with P50?

Options
elwy
elwy Posts: 82 Forumite
Part of the Furniture 10 Posts Combo Breaker
Hi everyone!

I recently gave up my job to be a stay at home mum and look after my children. My leaving date was in early May, so about a month after the new tax year.

I got my P45 which says:
Total pay to date £5013.35
Total tax to date £755.60

This was mostly a lump sum payment for unpaid maternity holiday. Am I right in thinking I can claim that £755.60 tax back, since the amount is under my tax allowance for this year and I don't expect to work again for a few years?

I've started filling out a P50 form but I don't understand the section on page 2 asking me about earnings since I left employment. None of it seems to apply to me since I haven't earned anything or received a pension. Can I leave all those fields blank? The form doesn't make it obvious :(

If I leave the fields on the P50 blank, will the tax office know that I am just trying to reclaim that £755.60 on the P45 form, or do I have to ask them specifically?

Help appreciated, I'm not used to all this tax stuff!

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    P50 is specifically for people who want to reclaim tax after stopping work

    but if you affairs are as simple as you say I would suggest you phone them with the details
  • ceeforcat
    ceeforcat Posts: 1,131 Forumite
    State earnings as £0.00 and sign below this. Also tick fifth box on left hand side:

    I [FONT=DFLAN D+ IR Modena,IR Modena][FONT=DFLAN D+ IR Modena,IR Modena]do not [/FONT][/FONT]expect to go back to work (including part-time or casual employment) before the start of the new tax year on 6 April, and I am not in receipt of a pension.

    and sign the declaration below it also. Remember to include parts 2 and 3 of your form P45.
  • elwy
    elwy Posts: 82 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    CLAPTON wrote: »
    P50 is specifically for people who want to reclaim tax after stopping work

    Isn't that what I'm trying to do?
    CLAPTON wrote: »
    but if you affairs are as simple as you say I would suggest you phone them with the details

    Just spent 11 minutes on their 0845 number paying to listen to the most shocking hold music. No indication of how long it will take for the call to get answered. Don't fancy any more of that :(



    ceeforcat - thanks, it just seems odd that the form I'm filling in doesn't have anywhere to say what I'm trying to reclaim, I have to hope that they check my tax records and figure it out themselves?!
  • jet9cat
    jet9cat Posts: 1,657 Forumite
    They'll figure it out because you have to send in your P45 parts 2 and 3 with the P50 which shows how much you have eafrned and how much tax you have paid. Have you tried your local HMRC enquiry centre for advice rather than hanging on the phone?
    Every penny's a prisoner
    PADding is addictive
    MFW August 2023 - unless I get my butt into gear :D
  • ceeforcat
    ceeforcat Posts: 1,131 Forumite
    elwy - By completing those boxes you are claiming a repayment of tax as a result of not having used all of your personal allowances (used to be called a cessation repayment in my day). Based on this you will receive all of your tax back.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.