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Overpaid Tax - how to get it back
Pat38493
Posts: 3,421 Forumite
in Cutting tax
I have 2 income streams during this year - one is an employment income stream and one is a DB pension.
HMRC has been taxing the entire pension at 40%, and also assuming some 40% tax on the employer pension.
However - I have just finished work (hooray!) and my employment will officially end at the end of October. This means that actually I won't have any 40% tax to pay in tax year 25/26 (unless I decide to go back to work which is unlikely).
Can I get the tax situation rectified simply by updating the expected income amounts on the HMRC portal? Does this mean my overpaid tax will be automatically refunded through the DB pension payslips? Do I have to wait until my P45 is issued before doing this?
HMRC has been taxing the entire pension at 40%, and also assuming some 40% tax on the employer pension.
However - I have just finished work (hooray!) and my employment will officially end at the end of October. This means that actually I won't have any 40% tax to pay in tax year 25/26 (unless I decide to go back to work which is unlikely).
Can I get the tax situation rectified simply by updating the expected income amounts on the HMRC portal? Does this mean my overpaid tax will be automatically refunded through the DB pension payslips? Do I have to wait until my P45 is issued before doing this?
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