How do i get tax back

Benny2020

Took VS in July and was earning around £50k so paid quite a lot of tax, don't intend to get another job this tax year so what happens to the excess tax i paid on my salary?.
I have earned £22k to middle of July so i think about £2.5k more tax than i should for the year.
Do i have to wait until the next tax year to get this back and is it automatic or do i have to claim. 

AskAsk

It gets paid back at the end of the tax year as a credit to your tax code.  If you want it paid immediately then, you can contact HMRC.

Benny2020

Thanks, never been unemployed before so didn't know the process.

MalMonroe

And if you want to check your tax account online, you can always register with HMRC.

AskAsk

Benny2020 said:

Thanks, never been unemployed before so didn't know the process.

i file tax returns with HMRC and so I have to pay tax in advance.  they therefore estimate how much i will earn next year and take tax in advance.  therefore sometimes when i earn less than they estimate, they owe me overpaid tax, which i can have paid back to me at the end of the tax year when they have finalised accounts or they add it as a credit to my tax code for PAYE.  i have had pay through PAYE where tax had been refunded through my payslip.

Benny2020

Thanks, i am 55 and lucky enough to have a couple of final salary pensions i could access if necessary and considerable savings including redundancy pay so not desperate for a job at any price but am looking around.
So i may work again before the end of the tax year.

AskAsk

Benny2020 said:

Thanks, i am 55 and lucky enough to have a couple of final salary pensions i could access if necessary and considerable savings including redundancy pay so not desperate for a job at any price but am looking around.
So i may work again before the end of the tax year.

when i was at uni, i was seconded to work 6 months of the year so i always asked for the overpaid tax back at the end of the secondment as i went back to uni.  HMRC always paid the tax back without any problem.

nowadays i just wait for the end of the tax year and any overpaid tax is automatically refunded.  if you are desperate to get the overpaid tax back before the end of the tax year, I am sure HMRC may refund you if you say you don't plan to work again this tax year.  but they may say, wait until the end of the tax year and they will refund you the overpaid tax as you may have other tax liability.  for example, if you draw your pension, there will be income tax.

Comms69

AskAsk said:

It gets paid back at the end of the tax year as a credit to your tax code.  If you want it paid immediately then, you can contact HMRC.

No, it gets paid back in cash...

superbigal

I was in my online account yesterday and noted they expected me to earn twice as much as I will actually earn this financial weird.  All due to a simple multiplication of my April salary x 12.  My April Salary included last years bonus.   Not sure why after 3 normal months of salary the expected earnings are not updated.
The system allowed me to make the change myself but i am not sure if it will actually have any effect on tax or tax codes over next few months.

Comms69

superbigal said:

I was in my online account yesterday and noted they expected me to earn twice as much as I will actually earn this financial weird.  All due to a simple multiplication of my April salary x 12.  My April Salary included last years bonus.   Not sure why after 3 normal months of salary the expected earnings are not updated.
The system allowed me to make the change myself but i am not sure if it will actually have any effect on tax or tax codes over next few months.

Well if you're tax code is 1250L then it wont - otherwise we'd need to know your tax code

p00hsticks

AskAsk said:

If you want it paid immediately then, you can contact HMRC.

Form P50 is the form you need to send to HMRC (or submit via Government Gateway if you have an accout)

https://www.gov.uk/government/publications/income-tax-claiming-tax-back-when-you-have-stopped-working-p50