Tax Rebates & Refunds

Tax help and information for retirees

December 16, 2012
Posted in Income Tax — Written by Chris

When you retire from work, your financial situation is bound to change. The same goes for your tax code and other details relating to how much tax you pay. This is why, when the time comes to retire, you may need some help and advice sorting out your affairs.

Notify HMRC

The first thing to do, ideally before you retire, is to let HM Revenue & Customs (HMRC) know that your circumstances are about to change.

Company pension

You must also let HMRC know if you will be getting a company pension or not. If so, your employer should send a Notification of Pension Starting form, also known as a P46 (PEN) to HMRC. You should get a copy of this too. The information on the P46 will enable HMRC to put you on the right tax code. If you are not put on the right tax code, you may end up paying too much tax and having to claim a tax rebate.

Personal pension

If you aren’t getting a company pension, your employer will give you a P45. To start receiving your personal pension, you should send this P45 form to your pension provider.

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