Tax Refund using form P50

160364

After being made redundant I have decided to retire early,the payment was just over £100k taxable income. With my redundancy money I maxed out this years Sipp and was given a paye code of 3075l. I completed form p50 to get a tax refund as I wouldn’t be working again (HMRC estimate is I’m owed just over £20k refund). I’ve now been told I cannot get a refund until next years and must complete a self assessment because earning this year were just over £100k. Can anyone confirm this is right as I can’t see anywhere on line there is a cap to the p50 form. And if I do have to wait till next year does anyone know when I would likely to receive the money. Any help would be appreciated.(Ive posted this on the redundancy forum as well)

Dazed_and_confused

I've no idea why you cannot make a provisional claim now but if you have taxable income in excess of £100k then you would be required to file a Self Assessment return (irrespective of any refund you did or didn't claim now).

You can usually file a return on 6 April with refunds being received a few days later.