The P50 form has now been updated by HMRC and this is the form that you have to complete if you have stopped working and believe that you are due a rebate of tax the you may have overpaid. In some instances this can be claimed back instantly as opposed to waiting until the tax year has passed.
P50 Form Deadlines
This form should be completed if you have been unemployed for more than four weeks and also if you are not claiming any taxable benefits. If you have retired permanently and you are not receiving any pension from your previous employer, have no plans to go back to work or have returned back to full-time study.
A refund cannot be claimed via theP50 form if you are claiming Jobseeker’s allowance, taxable Incapacity Benefit, Employment and Support Allowance or Carer’s allowance. Instead of completing the P50 the Jobcentre Plus will require parts 2 and 3 of your P4. If you plan to return to work again within four weeks then the P50 is not required.
Completing The Form
The P50 is a form that has to be completed online. Once it has been completed it is a case of printing it off and sending to HMRC via the post. It is not possible to submit the form online but each page has to be completed before being able to move onto the next page and it is not possible to save a form that is partially completed. Therefore it is wise to collect all of the relevant information that may be required before completing the form, however, the form does not state what information is required so get as much as possible.
Please call or email to arrange your FREE consultation for any of our services.
We're a modern, friendly and proactive accountancy service.