Lesson #83 – Importance of a P45 in UK

Coming to the end of a financial year, what is one common activity everyone in the country has to partake in?

FILING YOUR TAX!! It would be a breeze if all factors remain constant – your pay, the taxation guidelines, if you had stayed at the same job and your status (married or not, with children or without or physically challenged or not – what I can think of at the moment).

However, coming to this country, I had taken up one job prior to my current one..so I was assigned one tax code in the beginning but when HM Revenue & Customs was informed that I was paying my tax via another job, they became confused with the ‘dual’ income. Apparently, one need to get a P45 from your first employer(if you are no longer doing the job) and submit to the authorities such that they will be able to re-assign your tax code accordingly.

If one does not sort out properly, it will be cumbersome for you to claim back your tax correctly if you have been paying more than needed but of course the UK govt will not complain when they receive this additional abeit minute amount.

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