Tax refund now I've retired

moneyistooshorttomention

I was paying tax on my (PAYE) income whilst working.

Since retiring my income is currently too low for me to be liable for tax. Therefore I've paid out tax as normal for a large part of the 2012/13 tax year and presume it is still the case that we can expect a tax refund once that tax year has finished (ie at some point after 5 April 2013) - as I will have been taxed originally on the basis that I would continue to receive the same level of income for the whole of this tax year.

I'm guessing I'm due for a reasonable amount of tax refund and wondering:

- exactly when it will turn up?
- will I receive it in the form of extra pension that month (ie presumably extra in my May 2013 pension) or get it as a cheque?

I am presuming I don't actually have to claim it - as I was on PAYE tax and therefore not responsible for working out/paying my own tax.

Any clues anyone?

NAR

Tax refunds are in the form of a cheque. Sounds like you will get one (without knowing financial circumstances) and if you haven't heard from tax office by end of May I would contact them.

McKneff

It all depends if you paid too much tax as to whether you get a rebate or not.

Do you have any figures, we would be able to work it out for you if you have.

When I retired a couple of years ago, I retired in the Sept. because I had a small company pension so had to reclaim the following April. I worked out to the nearest pound the amount of the cheque the IR sent me eventually.

McKneff

When did you retire, what was on your last payslip, what income have you had since you retired.

Personally, I would claim by ringing the HMRC and claiming because we are now into a new tax year, It can all be done over the phone these day.

Dunroamin

If you've been working for most of the tax year, I wouldn't expect to get a great deal in the way of a rebate, particulrly as you still have some income.

ETA

Of course, it depends what you mean by "most".

moneyistooshorttomention

That offer :Tis extremely kind of you McKneff and much appreciated.

I have sent you a PM with a few details - rather than put it up on a public Board for privacy reasons and my former employer is a bit of a (delete as applicable....).

I can be very precise about salary before retirement, but would have to be vaguer about pension since retirement - as the pension provider hasn't been providing me with regular payslips and I am currently in the process of getting this rectified (a situation I had been expecting:cool: - so it didn't come as any surprise to me having to do so:(). So the water is a little muddied by things like that and I suspect my Union dues are still coming out for instance at the moment. Hey-ho...

dzug1

moneyistooshorttomention wrote: »

I can be very precise about salary before retirement, but would have to be vaguer about pension since retirement - as the pension provider hasn't been providing me with regular payslips and I am currently in the process of getting this rectified (a situation I had been expecting...

Quite normal for pension providers not to provide regular payslips and only to do so if there's a major change in the amount

In fact one I've had dealings with communicates the information in the comments field of the BACS transfer

moneyistooshorttomention

dzug1 wrote: »

Quite normal for pension providers not to provide regular payslips and only to do so if there's a major change in the amount

In fact one I've had dealings with communicates the information in the comments field of the BACS transfer

I may have to push a bit harder then to get my regular payslips in view of this.

As I understand it, it is a legal requirement to provide payslips for salary - so I automatically assumed that it would also be so if the income was "pension" rather than "salary". I cant see that there is any difference in the event - as my pension income will remain much the same each month, exactly as my salary income did prior to retirement.

Just had a quick check on the law on this and it looks a bit vague - but obviously the right/need to a payslip is still the same - and I am still having deductions taken from my income - so obviously need proof of this and the amount taken. I cant see they can possibly "come down the wrong side" of that divide on this one...

Dunroamin

Between us, my husband and I receive six separate pensions (including our SRPs) and only one of them provides pay slips, although we do still pay tax. I really don't think it's normal to get them.

anamenottaken

I'm only in receipt of one pension at the moment. That's paid by Prudential and they send a monthly letter showing the gross amount and tax deducted as well as the nett sum.

dzug1

moneyistooshorttomention wrote: »

I may have to push a bit harder then to get my regular payslips in view of this.

As I understand it, it is a legal requirement to provide payslips for salary - so I automatically assumed that it would also be so if the income was "pension" rather than "salary". I cant see that there is any difference in the event - as my pension income will remain much the same each month, exactly as my salary income did prior to retirement.

Just had a quick check on the law on this and it looks a bit vague - but obviously the right/need to a payslip is still the same - and I am still having deductions taken from my income - so obviously need proof of this and the amount taken. I cant see they can possibly "come down the wrong side" of that divide on this one...

I don't know what the law actually states, but of the half dozen or so occupational pensions, government and private, that I have had dealings with either personally or on behalf of others, none provides routine monthly 'pay' slips. They provide one whenever the net amount changes significantly - eg as the result of new or ceased deduction, new tax code, new pension gross amount, etc. That notification gives the current and next month's breakdown, but nothing further is sent if the only variation is tax (by 20p normally when you tip over to a full £ in the cumulative for the year). They all provide P60s at the end of the tax year with a precise summary.