[Finance] Tax question

[happypig]

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

 

[Tim Over Whelmed]

I find ringing them always gets a quick and good resolution, seriously, I'm not being sarcastic

 

[Driver8]

Give them a ring.

 

[maltaseagull]

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

Personally, I would ring them. I had some issues with tax on my UK pensions and they were really helpful.

Of course you might get a response on here from some clever clogs telling you to google it like he does

 

[beorhthelm]

from my experience of over payments, they pay them back automatically at the end of the financial year (with interest!). thats on PAYE though.

 

[Gritt23]

Lay out as clearly as you can, what has happened, and where you think you've been overtaxed, then ring them, and talk it through.

 

[happypig]

Thanks for the replies, will give them a bell

 

[Billy Seagull]

There is a form on their website and they will pay you back in a few weeks, we’ll they did me last year anyway.

 

[hastings]

Typically speaking a phone call will get a quicker resolution but otherwise following the end of the tac year in which the overpayment is made, a p800 will be issued (usually around september time) at which point any refund will be given.

 

[father_and_son]

In June I took Voluntary redundancy from work. Since then I've not worked but I have now started taking my work pension.
On my last payslip I paid a load of tax because my Leaver payment was over the tax-free threshold (no option to spread payments over two years).
I reckon I have overpaid a couple of K in tax.
My question is, will the Taxman automatically give it back to me or do I need to ring them and ask for it ?

From experience, yes, EVENTUALLY, you will get something from them after the end of the appropriate tax year.
Much quicker would be to make a self-assessment claim and highlight that you are due a refund. Depending on your personal circumstances this can be simple or need an accountant's help (only you'll know).

Getting anything from them mid way through a tax year is difficult because they will argue you could go back to work.

 

[Tight shorts]

If you haven't given your P45 from your old job to the pension company they won't be able to apply the correct tax code to your pension and you will probably pay emergency tax.

If the pension provider does have your P45 then any tax refund should be paid to you via the payroll system of the pension provider. You may find that you get a bit back each month up to March 2020.

 

[Blue3]

I find ringing them always gets a quick and good resolution, seriously, I'm not being sarcastic

I agree they are quite approachable and I have found them to be helpful

 

[Weststander]

From experience, yes, EVENTUALLY, you will get something from them after the end of the appropriate tax year.
Much quicker would be to make a self-assessment claim and highlight that you are due a refund. Depending on your personal circumstances this can be simple or need an accountant's help (only you'll know).

Getting anything from them mid way through a tax year is difficult because they will argue you could go back to work.

But HMRC would be immediately notified of new employment, by the employer, under the RTI system. So there’s danger to HMRC of giving a large tax repayment, they shouldn’t of in that circumstance.

 

[Hampster Gull]

My experience is if you give them a phone and get through they are brilliant and will sort it