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Posted Tue, 30 Apr 2024 07:17:16 GMT by Bigduke
I will be completing a fixed term contract at the end of June 2024. My final monthly pay of approx £12,500 will have an additional completion bonus of £12,500. I will be out of work following this and may not work again for the rest of the year. Will I be taxed heavily on this final payment and if so, when would I expect to have the excess income tax repaid? I live in Scotland.
Posted Wed, 08 May 2024 16:34:10 GMT by HMRC Admin 20
Hi Bigduke,
Once you receive your final pay if you are not returning to work or claiming taxable benefits then you can complete a form P50 to review for a refund
Claim back Income Tax when you've stopped working (P50)
Thank you.

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