Tax code following redundancy?

am123

Apologies if this isn’t the correct place, I couldn’t find a “tax” section in the forum!
I was made redundant from my full time job in June this year. I received a redundancy package, which pushed me into the higher tax band. I was then unemployed for 8 weeks, whilst I applied for other jobs etc. I have now been in my new job (part time - 24 hours a week) for 3 weeks and on my pay slip this month, I’ve been given a tax code of 1250L NONCUM. I’ve only been taxed £87 out of just over £1600.
I had been led to believe (by a financial advisor) that I would continue to be taxed at 40% for the rest of this financial year, so which is correct?
I spoke to HMRC who didn’t tell me what NONCUM meant, but just that they had received my P50 and my tax was correct.
My fear is that I will get a tax bill come March/April.
Any help would be appreciated!

Brynsam

Google on NONCUM and get an instant explanation.

Your financial adviser (?mate down the pub) is probably wrong. You would only continue to be taxed at higher rate if your earnings in the whole of the current tax year put you in that bracket.

molerat

Did you give your P45 to the new employer ? What were you doing for those 8 weeks ? JSA ? 1250L M1 / NONCUM is the correct emergency tax code if the employer has no other information available to them. £87 is a bit low on £1600 unless there were some tax allowable deductions. When they get the correct information, either from a P45 or HMRC, they will start taxing you correctly.

Barney_Rubble_0403

You are on emergency tax code 20% on gross wage until hmrc can decide on the overall picture. You should go back onto 1250l cumulative after awhile and level of tax paid will depend on your overall wages/ tax paid to date situation.

am123

Thanks.
I did google but could only find “BR NONCUM” which isn’t what mine says. There’s not much information on “1250L NONCUM”.
The financial advisor was definitely not a “mate down the pub”, and not sure why you would even say that, like I’m being dishonest about it? What would I lie about something like that for?!
Molerat - My new employers did have my P45 and HMRC confirmed they received it on 23/09/19 when I spoke to them. For the 8 weeks I was doing nothing apart from applying for jobs. I was told I couldn’t register for anything as my savings took me over the limit for being able to claim, which is fair enough.
This is why I’m confused about the tax on this month’s pay - they assured me it was all correct, but I just can’t see how they’ve got to this figure.

chrisbur

It would help to work out your tax position if you could give the exact figures for the following

taxable gross
tax paid
taxable gross to date
tax paid to date
national insurance

Gross tax tax code on P45

You mention P50 did you not send your P45 with that

t0rt0ise

I imagine you could have got new style JSA while unemployed as it doesn't matter how much savings you have. Too late this time for you but others might come across the post and need to know.

am123

Sorry, took a while to find the figures!
So, details from my final payslip/P45 of last employment - end date 14/06/19 (I was paid redundancy with my final payslip on day I left):
Total pay to date (gross) - £86446.27
Total deductions to date (gross) - £22740.94
Total pay (net) - £63516.35
Total tax (net) - £23404.80
Taxable pay - £56211.36
Non-taxable pay - £30000.00
Tax code at leaving - 1286L
Final payslip: Basic pay - £1879.27, Redundancy pay NP NN - £54567.00, Redundancy pay NP NT - £30000.00, NI A - £139.23, Pension - 234.91.

First payslip from new job:
Basic pay - £1634.15
Tax - £87.80
NI A - £109.82
Pension - £151.98

Hope that helps I don’t know anything about a P50.
When I was made redundant, I went to the job centre as I was told I get my NI contributions covered whilst unemployed. The job centre went through all my details with me and told me I didn’t qualify for any help at all and that I would just need to get a new job. I wasn’t looking for benefits, so that didn’t bother me, but I was confused about the NI contributions thing.
I’m lucky that I’ve never been in this position before, so it’s all very new to me. All I want to know is whether I should keep money aside, expecting a tax bill next year?

chrisbur

am123 wrote: »

First payslip from new job:
Basic pay - £1634.15
Tax - £87.80
NI A - £109.82
Pension - £151.98

Hope that helps I don’t know anything about a P50.

Are you sure that this is your taxable pay?
You have not given taxable pay to date nor tax paid to date from payslip
I asked about the P50 as you mentioned it in your first post " but just that they had received my P50 and my tax was correct"

am123

Ah sorry, I see where I said P50, it was a typo - I meant HMRC have received my P45.
I’ve not done anything (or heard of) a P50!
Thanks in advance for any help.

am123

Tried to post a pic but don’t seem to be able to from my phone :-/
So this new payslip, year to date, states:
Gross pay - £1634.15
Taxable pay - £1482.17