Retiring early P45 & P50 forms

Rack_Failure

I stopped working 3 weeks ago as I felt I had enough of work and wanted to retire early. I also have a decent occupational pension from my employer previous to this employment.

I've just received my P45 from last employer and part 2 says if I'm not claiming JSA or ESA (which I am not) I may be entitled to a tax refund and should claim via P50 form.

My questions are, since I don't intend to work again should I also send my P45 part 2 & 3 to HMRC along with P50? My thinking is will I then be taxed less on my occupational pensionliable if I am no longer working?

Any advice will be appreciated.
Cheers

Dazed_and_confused

You shouldn't use a P50 in this situation - the front of the form states

Do not use this form if:

• you are unemployed, and expect to start a new job within four weeks. Hand form P45, Part 2 and 3 (a P45 is the form given to you when you finish a job) to your new employer. They will make any repayment due to you through your salary
• you are claiming one of the taxable benefits listed left. Wait until after 5 April coming or your claim ends, if this is sooner. If you are claiming JSA, IB or ESA, Jobcentre Plus will send you a repayment
• you are receiving an occupational pension. Contact your pension provider who will make any repayment due to you, or wait until after 5 April and we will repay any tax you have overpaid

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For simplicity you might be as well sending your P45 from the job you've just left along with your P60 from the pension company as soon as you get them and tax office can calculate any refund

Rack_Failure

DaC
Thanks for this info and I'll do as you suggest, wait until I get P60 and send both docs to HMRC.

Cheers

CLAPTON

whether or not you are owed any money depends upon the taxcodes that have been applied to your two incomes

what tax code has the pension?
what tax code was applied to your employment?

Rack_Failure

Clapton
Been away all weekend and had no PC access.
The job that I left was tax code 810L and my occupational pension is tax code BR.
I'm not sure whether my pension provider will be given the new (raised) tax code next month by HMRC or if I need to let pension provider know I've given up work.

My plan was to wait until I get my P60 and send that along with my P45 to HMRC, let HMRC know I've stopped working and see if I'm eligible to tax refund.

Appreciate your thoughts.