Quick question re tax upon retirement

trevjl

I have just received my last payslip and my P45 as I finished two weeks ago. A quick fag packet calculation tells me I have paid at least £1500 too much tax.
I assume that HMRC would refund it in April as I will have no further taxable income this year, but should I be applying to get it sooner or is that not possible ?

Sarahspangles

So you aren't putting a pension/State pension into payment, but living on savings?  I think you need to tell them, because otherwise they may not recalculate for 2024/25 until next Summer.

Also worth setting up the HMRC app if you haven't already.

trevjl

Correct, I wont be drawing anything for a while yet other than personal allowance 25/26.
Didn't even know there was an app TBH, I'll look at that. I used to do a self assessment but they told me to stop that couple of years ago.

molerat

The app is just a mobile extension of the on line tax account - do you have access to that ?

Dazed_and_C0nfused

Have a look at this,

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

Sarahspangles

trevjl said:

Correct, I wont be drawing anything for a while yet other than personal allowance 25/26.
Didn't even know there was an app TBH, I'll look at that. I used to do a self assessment but they told me to stop that couple of years ago.

I find the app is quite user friendly, but as Molerat says it is a version of the web account and sometimes links to that.

trevjl

molerat said:

The app is just a mobile extension of the on line tax account - do you have access to that ?

Yes I have that

trevjl

Thanks all, I'll take a look at info

pterri

trevjl said:

Thanks all, I'll take a look at info

It sends you to the web version for the SA, quite easy though if your affairs are simple as mine were. Taking forever to get the refund for last years SIPP payment though. 

Albermarle

Or if you do nothing, your tax calculation will be made automatically around this time next year, and you will be informed a refund is due.

trevjl

A quick update and another question.
I got round to filling in the necessary to let them know I had retired and would have no further taxable income this year. Put down the figures earnt and tax paid and ticked the box to say no longer looking for employment or something like that.
Today I get an email saying my tax calculation was ready.
When I go into it is says I finished employment on 6th September, but the figures given for the tax year 24/25 are about double what my figures were. I'm guessing that is what they have estimated on earnings to from finishing to April.
I am confused, I told them there would be no more earnings so why have they done this ?