Think I am paying too much tax. Where and how do I start

isotonic_uk

Hi All

Hoping someone can provide some shining light on a tax question. 

I recently received my new tax code notice for 2022-2023 and noticed that my tax code had changed with certain benefits on there which were from my last employer. I moved jobs last year in July 2021. I contacted HMRC to query this and it's because of a delay of when they receive information that comes from my P11D. 

They have made some changes, I also had to remove a child benefit I was receiving due to the new job paying over the threshold where I would receive that benefit. Last year I also received a notification that I need to do a self-assessment due to the child benefit issue so I have filled this out and submitted it but not really understanding why I had to fill in the SA. 

I am going to be completely honest and say when it comes to things around tax and self-assessment, it's all a bit mind-boggling and I really don't understand. I am pretty sure I am overpaying tax and really want to get this in order and also understand it better. Unfortunately reading everything online related to this hasn't really helped either and just has added more confusion. 

My question is where I can go to get help on my tax affairs as well as understanding my pension state as I have a number of pensions from different companies (both public and private) and so just want to get a good picture of all of this. 

I have been putting it off for a while but I am thinking now might be a good idea to speak to an independent financial advisor. Would this be the correct approach? I was given a number from a friend recently about wealth management so made contact with that specialist however it seemed to me that service is life long and think what I am really looking at is some independent help and advice on the current state and helping me understand it all a lot better with a better understanding of planning for the future. 

Any advice on this would be appreciated.
Thanks

Dazed_and_C0nfused

Personally I would steer clear of anything referring to "wealth management".

You could look at an IFA (friends or family recommendation?) for advice on your pensions.

Tax issues can often be resolved here with sufficient information or you could speak to a local accountant specialists in personal tax but I would be surprised if that was really necessary.

Self Assessment is the only mechanism HMRC use to quantify the High Income Child Benefit Charge.  You might pay extra during the year towards it but it is the Self Assessment return which establishes the actual charge after the tax year ends.

Albermarle

My question is where I can go to get help on my tax affairs as well as understanding my pension state as I have a number of pensions from different companies (both public and private) and so just want to get a good picture of all of this. I have been putting it off for a while but I am thinking now might be a good idea to speak to an independent financial advisor. Would this be the correct approach? 

There is a MSE pensions board , where your questions about pensions and IFA's would be better posted . Whether to have an IFA or DIY  is a subject of constant debate, but as said above wealth management companies are best avoided.

If you want any sensible comments, you will need to post some details of the pensions .

p00hsticks

isotonic_uk said:

I also had to remove a child benefit I was receiving due to the new job paying over the threshold where I would receive that benefit.

If the other parent of the child is not earning, and the (youngest) child is under 12, consider continuing with the child benefit in their name, but only claiming NI credits rather than payment, in order to build up their State Pension entitlement for future years.

isotonic_uk

p00hsticks said:

isotonic_uk said:

I also had to remove a child benefit I was receiving due to the new job paying over the threshold where I would receive that benefit.

If the other parent of the child is not earning, and the (youngest) child is under 12, consider continuing with the child benefit in their name, but only claiming NI credits rather than payment, in order to build up their State Pension entitlement for future years.

Thanks I was aware of that option but the other parent is earning so wouldn't qualify.