Quick question re tax upon retirement

Cobbler_tone

"Tax doesn't need to be taxing" but usually is! 

Good luck and could be a long hold on the phone. It sounds as though they haven't understood that you won't be receiving any further income. I know when some of my guys got redundancy last September and then didn't work again they received rebates automatically at the start of the following tax year. One particular case I know someone received £7k back. They wouldn't have been messing around with self assessments and can confidentially say some would never have engaged with HMRC and certainly never online.

Albermarle

trevjl said:

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 ?

Has your ex employer issued you with a P45? If not then HMRC will not have got one.

When I retired, I had this issue.

Although could be just bad admin at HMRC.

trevjl

Well !! they sent me a P45, but as I posted on another thread at the time they messed up and owed me more, they paid this and issued a letter stating the final figures, which is what I entered online. Someone on that thread said they dont actually send HMRC P45 anymore its done by RTI or something.

AlanP_2

trevjl said:

Well !! they sent me a P45, but as I posted on another thread at the time they messed up and owed me more, they paid this and issued a letter stating the final figures, which is what I entered online. Someone on that thread said they dont actually send HMRC P45 anymore its done by RTI or something.

RTI - Real Time Information.

In simple terms an IT link between the company's payroll system and HMRC that automatically sends relevant data across and does away with the need to send HMRC as much paper as previously needed. Works the other way as well, for tax code changes etc.

Not sure if very small employers use it.

trevjl

Received another message, they have put full calculation and are sending me £1280 !!, very quick, less than two weeks from filling in online form.

Daffodil1234

Very helpful thread - I've just done the online form (HMRC tax site) which was very easy as long as you have your p45.

Daffodil1234

Quick update to say how pleased I am that I saw this thread, I've just received a tax rebate from HMRC which I would otherwise have waited a while for them to process.