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Emergency tax

Discussion in 'Retirement' started by Alfieflees3, Jun 23, 2020.

  1. Alfieflees3

    Alfieflees3 New commenter

    I retired at the end of Easter as a head teacher. I am currently on emergency tax at 40%!
    I have received my P45 and have informed the tax office that I no longer working at the school. How long will it take before I am put on 20% tax And will I have to wait until the end of the tax year before I a refund ? Many thanks
  2. diddydave

    diddydave Established commenter

    I believe, but of course ask HMRC for a more definitive answer, that once your other 'employer' (TPS?) gets your tax code it is put right in the next pay packet. Certainly my wife received a 'bonus' in one month when it was all corrected.
    border_walker likes this.
  3. rikkitar52

    rikkitar52 New commenter

    This happened to me it's sorted in a couple of months.if the school had done it properly U would of never gone on emergency tax
    border_walker likes this.
  4. lindenlea

    lindenlea Star commenter

  5. rikkitar52

    rikkitar52 New commenter

    What's wrong with would of that's how us northerners say it
    lindenlea likes this.
  6. catmother

    catmother Star commenter

  7. PeterQuint

    PeterQuint Lead commenter

    No, we don’t. We contract “would have” to “would’ve”. As the hard ‘a’ sound is now gone, it sounds a little bit like “would of”.

    But that doesn’t change the spelling, or the fact that it’s a completely different word.
    Beauherne1990 and Sundaytrekker like this.
  8. HRHHenry

    HRHHenry New commenter

    Though you may well be correct, I believe these corrections to be a little over the top. This is a new contributor who may now choose to leave the forum.
  9. lindenlea

    lindenlea Star commenter

    C'mon now - all feedback is good feedback - no?
    Beauherne1990 and lizziescat like this.
  10. lizziescat

    lizziescat Star commenter

    In answer to the op I was put onto the correct tax code from the start or it could have been a month later. It’s a while ago now but I think I might have received a small refund at the end of the tax year
    Beauherne1990 likes this.
  11. lizziescat

    lizziescat Star commenter

    And that would be a shame but it’s also a shame that the person is/was a teacher /headteacher for many years (presumably writing reports and letters to parents). The written form (whether we pronounce it ‘could of’ or ‘could’ve’) is could have,
  12. Alfieflees3

    Alfieflees3 New commenter

    Thank you, unfortunately the academy I worked for were hopeless about the whole retirement process. This is a lesson to be learnt for others , I assumed that they would know what to do but I had to prompt them all of the way . Things are getting sorted now .
    Hate people making comments about grammar.
  13. littlevanner

    littlevanner New commenter

    So when I go at the end of August I will have paid 40% tax for 5 months. My pension isn’t huge so I’m hoping that even with what I’ve earned for 5 months I should be in the 20% band. How quickly would I get a rebate do you think
  14. diddydave

    diddydave Established commenter

    As soon as your new 'employer' (TPS I guess) gets your tax-code.

    As an aside it may be worth adding up what you're going to receive this year in total because it would be worth sticking anything that IS in the 40% bracket into a private pension...come April you could take it out and it would have had a BIG increase!

    £100 @ 40% tax means you get £60.
    Put it into a private pension and take it out in April and, so long as you're then in the 20% bracket, you get:
    £25 tax-free and pay only £15 tax (20% on the £75) so in total you get £85.

    £60 now or £85 in 9 months.
  15. littlevanner

    littlevanner New commenter

    Thanks DD
    It should be well below £50 k in total so presumably still in 20% band
  16. Skeoch

    Skeoch Star commenter

    If you have income from several sources (pension, state pension, investments) you will probably need to do self-assessment tax returns. You can adjust your projected earnings from different sources online and your tax code is then adjusted automatically.

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