Pension and self-assessment

handyman1963

Hello, I wonder if anyone here can help me with my situation.

At the end of March 2025 I ceased working for my own limited company, and received a P45 (which I still have)

In the meantime, I have semi-retired; my income is made up of private pension income (tax-free portion) and doing a few odd jobs for people (I've received nearly a thousand ponds so far. I'm going to register for self-assessmentas I'll breach the Trading Allowance).

Additionally, I am now in the process of withdrawing the first tranche of taxable pension income from my pot, and the amount I'm getting is subject to tax at the emergency rate (quite a chunk!)

My questions are:

1) Should I send my P45 to my pension provider to get off emergency tax?

2) At what point should I try and reclaim the tax withheld by my pension company?

3) When should I register for self-assessment, given the above?

Many thanks inadvance, and thanks for reading.

eskbanker

Should I send my P45 to my pension provider to get off emergency tax?

I don't believe a P45 issued in the previous tax year will affect anything.

At what point should I try and reclaim the tax withheld by my pension company?

Once the total drawdown for the tax year is known.

When should I register for self-assessment, given the above?

Not sure about this, but probably as soon as you start self-employment.

I've received nearly a thousand ponds so far

An unusual form of payment!

DRS1

I've received nearly a thousand ponds so far

An unusual form of payment!

I believe they were used in South Africa for a while

sheramber

https://forums.moneysavingexpert.com/discussion/6654577/pension-and-self-assessment

Your P45 for last year is of no use to the pension company.

You must register for self assessment by 5October 2026.

You will need to report both your self employment and your pension income on your 25/26 self assessment return so ,you could register now, and you will be able to complete your return asap after 6 April26.

Any overpaid tax will be refunded from that.