Emergency Tax

icclebug

Hi everyone,

I am starting a new job on the 3rd March 2008, when should I receive my P45 from my current employer?

With that in mind, I get paid in my new job on the 15th March so is it likely that I will be put on emergency tax for that month?

If that happens, how do you claim the money back?

thank you,

Rich

chrisbur

icclebug wrote: »

Hi everyone,

I am starting a new job on the 3rd March 2008, when should I receive my P45 from my current employer?

With that in mind, I get paid in my new job on the 15th March so is it likely that I will be put on emergency tax for that month?

If that happens, how do you claim the money back?

thank you,

Rich

Your P45 will be issued after your last pay is done; only your old employer can advise when this will be.
If you do not have a P45 in time then your new employer will proberbly ask you to fill in a P46 and will put you on an emergency code. If this is the case and you are overtaxed it will be corrected when the P45 is processed proberbly the next month if they get it in time. You may be paid on the 15th but they will have a date earlier than this to accept changes.
Please also remember that using an emergency code can result in an underdeduction of tax as sometimes both employers are giving you a tax allowance for an overlapping period. If this is the case then the adjustment for the P45 will result in extra tax being taken that month to adjust for the previous month's undertaxing.
Or it might result in the correct tax being deducted.
If you compare the month number on your old employer's payslip with the month number on your new employer's payslip and they are the same then you have an overlap and have proberbly been undertaxed.

Better guidance can be given if you wish when you get your payslips if you want to advise the figures on them.

icclebug

Thanks for your help. Sorry for the late reply had an operation on my leg which has completely messed up my start date for the new job.

I am now starting next week and should have my first wage on the 15th, as yet I have still not received my P45 and I am unlikely to do so before the cut off date.

How will I be taxed, is it possible I will be taxed on my whole wage or just 24% of everything after the tax code they decide to issue?

Cheers:T

whatatwit

Have you been given a P46 to complete?
The information that you give, will enable your new employer to allocate you allowances.
The 'emergency' status means that you will only be given allowances for that one week/month so no backdated allowances.
So, if you are weekly paid and it is your only/main job and you have no other pensions, then you would 1/52 of the basic personal allowance and also of the 10% rate band.
If, you only get your P45 too late to be used before the end of the tax year, then wait for your P60 and then make enquiries with the tax office to find out if you are due a refund.
Good luck with the new job.

icclebug

Hi there,

I have a P46 from my new employer on its way now and I am paid monthly. I have a company pension with my old employer that I will transfer into the new pension scheme with my new employer.

I should get my P45 next week but it will be after the cut off date for my wages.

Cheers:T