Ray Thomas
-
RE: Retired person and a Nox Tax payer
Hi Many thanks for your response, appreciated, and I can just keep re reading it until I understand :-) Ray -
Retired person and a Nox Tax payer
Hi I had a long conversation with HMRC yesterday - they were helpful, but I never nor do I still understand the reason he gave me so I was wondering if someone here could help me. I retired 2 years ago after being made redundant, I left my company on 31st March...as I was entitled to a pro rota bonus, this was the last payment I received on the payroll. HMRC took Tax of £190 that was the last time I paid tax ( April 2023 ) so my Tax code was 1257L so other than my small pension I received each month I was well off the 1257L so they said that I would be entitled to a refund of the tax I paid. So, I logged onto the app and I notice that my tab code had changed to 1062 - They told me that this was due to me paying interest over my PSA - but I asked that as I'm not tax payer ( as I'm retired and pension is small ) would this be incorporated to 1257L . He said it was, that why my tax code changed - Thats the bit I don't understand - so I can earn less now before I pay Tax ? Also he said that if I give them the Interest amounts ( I have certificates from my savings account ) he would trigger the rebate manually Can I do this ? Sorry for the long text as I panic when I talk to HMRC after hanging on for 45 mins - stressful Thanks Ray
