Taking a break from work

[Deleted User]

Marcon said:

[Deleted User] said:

Undervalued said:

[Deleted User] said:

sheramber said:

Remember to consider your National I Insurance contributions will no longer be paid so you need to check if you need to make voluntary contributions to safeguard your state pension.

If you do not intend to work or claim benefit before April 25 you can apply to HMRC  for an in year repayment.

https://www.gov.uk/guidance/claim-back-income-tax-when-youve-stopped-working

Alternatively, HMRC will pick it up after April 25 and repay it, probably around next summer:autumn

Thanks

I have already qualified for full new state pension so am good on that front. I don't plan on working any more this financial year so will probably put in a claim later in the year to get back tax.

Remember the rules can change, they certainly did during my working life! I don't know how far you are from the current state pension age or how many years of NI credits you have, over and above the current requirement? However it is worth keeping a close eye on it.

52 now and had full NSP at 50. Will be keeping an eye on things going forward.

Fully intend going back to work, just not until August 25 at the earliest so plenty time to add more years.

Are you quite sure of that? Like very many people you are under 'transitional' arrangements, and will only have had a maximum of 34 years by age 50, so although it's possible it is not always clear or certain. Might be worth checking just in case?

https://www.gov.uk/check-state-pension

£221.20 is the most you can get

You cannot improve your forecast any more.

[Deleted User]

Well after 4 weeks not working I discovered not working wasn't all I thought it would be and put out feelers about going back to work. 2 weeks later after a whole 41 days I started my new job.

I handed my P45 to my new employer so will I get a tax rebate in my first wage or will it take longer? By my reckoning I have 4 weeks of tax allowance to get a rebate on.

Lomast

They will probably adjust your tax code so you pay less tax over the rest of the tax year rather than getting a single rebate

chrisbur

Lomast said:

They will probably adjust your tax code so you pay less tax over the rest of the tax year rather than getting a single rebate

No any adjustment to tax will usually happen on the first payday after the new employer applies the P45 details.  Whether that involves a tax rebate is another matter.  That will depend on several things for example your pay period (weekly monthly etc), which tax period each employer was using, your details on the P45, if HMRC get involved if say details wrong.
Also remember that for a short period of time off like this the unused tax allowance could well be only enough to reduce the tax you pay when P45 is first operated rather than you getting a tax rebate as such.

[Deleted User]

chrisbur said:

Lomast said:

They will probably adjust your tax code so you pay less tax over the rest of the tax year rather than getting a single rebate

No any adjustment to tax will usually happen on the first payday after the new employer applies the P45 details.  Whether that involves a tax rebate is another matter.  That will depend on several things for example your pay period (weekly monthly etc), which tax period each employer was using, your details on the P45, if HMRC get involved if say details wrong.
Also remember that for a short period of time off like this the unused tax allowance could well be only enough to reduce the tax you pay when P45 is first operated rather than you getting a tax rebate as such.

Thanks for replying. Both jobs are/were weekly paid. I have 4 missing paydays between payments and my first weeks wage in my new job is under my tax code allowance. 

chrisbur

[Deleted User] said:

chrisbur said:

Lomast said:

They will probably adjust your tax code so you pay less tax over the rest of the tax year rather than getting a single rebate

No any adjustment to tax will usually happen on the first payday after the new employer applies the P45 details.  Whether that involves a tax rebate is another matter.  That will depend on several things for example your pay period (weekly monthly etc), which tax period each employer was using, your details on the P45, if HMRC get involved if say details wrong.
Also remember that for a short period of time off like this the unused tax allowance could well be only enough to reduce the tax you pay when P45 is first operated rather than you getting a tax rebate as such.

Thanks for replying. Both jobs are/were weekly paid. I have 4 missing paydays between payments and my first weeks wage in my new job is under my tax code allowance. 

Provided that your employer operates the P45 (and it is a strait forward tax code eg L cumulative)  on your first payday then there should be a tax rebate.

[Deleted User]

First wage paid, no rebate, tax code has WK1 in it. Fingers crossed for next week.

chrisbur

Was your tax code week 1 before or is this the first week?
Have you spoken to payroll about this and if so what did they say?

[Deleted User]

chrisbur said:

Was your tax code week 1 before or is this the first week?
Have you spoken to payroll about this and if so what did they say?

This is my first wage in my new job. They were given my P45 on my first day. It has tax code 1389M on it. I will see what my next wage slip says on Tuesday to see if it is sorted before contacting payroll.

chrisbur

[Deleted User] said:

chrisbur said:

Was your tax code week 1 before or is this the first week?
Have you spoken to payroll about this and if so what did they say?

This is my first wage in my new job. They were given my P45 on my first day. It has tax code 1389M on it. I will see what my next wage slip says on Tuesday to see if it is sorted before contacting payroll.

What tax code is used on your payslip?
A code of 1257L Wk 1 or BR/0T would mean that payroll have not yet got your P45 would be worth checking to see if they have now received it.