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    • 160364
    • By 160364 13th Jul 18, 9:03 PM
    • 2Posts
    • 0Thanks
    Tax Refund using form P50
    • #1
    • 13th Jul 18, 9:03 PM
    Tax Refund using form P50 13th Jul 18 at 9:03 PM
    After being made redundant I have decided to retire early,the payment was just over £100k taxable income. With my redundancy money I maxed out this years Sipp and was given a paye code of 3075l. I completed form p50 to get a tax refund as I wouldnít be working again (HMRC estimate is Iím owed just over £20k refund). Iíve now been told I cannot get a refund until next years and must complete a self assessment because earning this year were just over £100k. Can anyone confirm this is right as I canít see anywhere on line there is a cap to the p50 form. And if I do have to wait till next year does anyone know when I would likely to receive the money. Any help would be appreciated.(Ive posted this on the redundancy forum as well)
Page 1
    • Dazed and confused
    • By Dazed and confused 13th Jul 18, 9:11 PM
    • 3,199 Posts
    • 1,596 Thanks
    Dazed and confused
    • #2
    • 13th Jul 18, 9:11 PM
    • #2
    • 13th Jul 18, 9:11 PM
    I've no idea why you cannot make a provisional claim now but if you have taxable income in excess of £100k then you would be required to file a Self Assessment return (irrespective of any refund you did or didn't claim now).

    You can usually file a return on 6 April with refunds being received a few days later.
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