P60

lake888

I have taken early retirement in October 2019. I have P45 from the company. As I am no longer working, how can I get a P60 or do I need one?

greatkingrat

You don't need one. The P45 will show your earnings for the year if you need to fill out a tax return.

[Deleted User]

But you need to forward your P45 to the pension provider, if there is one. Otherwise, you could end up paying more tax at that new source. Moreover, your P60 at the end of the year from the pension provider will include your employment earnings.

lake888

I did not have pension payment in 2019/20.  My tax code has changed for 2020/21 when I looked at the Gateway.  On the other hand, I'll have a small pension staring in the coming November.  I don't know whether they need my P45 as the code is different now.  

[Deleted User]

No - don’t send the P45 in that case. For 2019/20- you only get a P60 if you had a source of income at the end of the tax year, from that source. Your form P45 part 1A will suffice.

lake888

Thanks.  If I don't do anything, I assume the provider will use a temporary code if they have not heard from HMRC?  Do I need to update my personal tax account on Government Gateway to tell them I'll have a pension coming in?

[Deleted User]

You do. Obviously you want to utilise your personal allowance. 

lake888

One slightly different question.  Since retiring, I have made contribution to a new pension scheme.  I have just realized that I might have exceeded the pension contribution annual allowance, do I need to file a self assessment tax return or they will be adjusted on my PAYE account?