What is Emergency Tax? Episode 295
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- Опубликовано: 7 сен 2013
- The term emergency tax is confusing, and someone asked me recently how it works. In this video, I explain what emergency tax is, when it is applied, and what you can do to make sure you are taxed correctly by your employer or pension provider.
I'm about to take my a Personal Contribution pension as one lump sum. It's not a large amount (approx 38k). I am already in receipt of another Defined Benefit Pension, which I receive monthly. This is my only income.
I stopped work many years ago. I don't pay tax on the Defined benefit pension.
I understand I need to pay emergency tax on the lump sum. However, I am confused as to which form to fill in, to claim the over tax paid.
Is it form P53z? P50z? or a different one altogether?
Thanks in advance.
my previous employer didn't prove me with the P45 letter, I have requested it a few times now but they don't send it to me. I have called the HMRC to let them know I have been overpaying taxes and my question is if I don't get the P45 from my previous employers would that affect me for not having the correct tax code? either way, will they refund me the money at the end of the tax year at all? will I get overcharged every month for not having the P45 and the wrong tax code each month? how would I let them know the tax code must be changed to the correct one?
It’s the law that your old employers provide a P45, so call them to chase. It may have got lost in the post I suppose.
The tax will sort itself out in due course, but it will be quicker if you complete a P46 (I think) - a form where you can self-certify the figures that would have been on your P45.
Might be worth a call with a friendly accountant…
My employer says I have to contact HMRC myself and sort it out because apparently they can’t sort out the emergency tax their end. What information would I need before contacting HMRC (NI, name etc) and what should I say when they ask what Im calling for? Sorry if a lot of questions just nervous to sort it just incase I mess up or I can’t do it and I keep getting emergency taxed
Your employer is right - they can only use a tax code given to them by HMRC. You should only need your name, NI number and maybe a P45 from your previous job if you’ve changed jobs since 6th April. Don’t worry if you don’t have that though. HMRC are generally really good on the phone, so don’t worry!