Finances

Why Completing a P46 Starter Checklist Correctly When Starting a New Job Really Does Matter!

Starting a new job is very exciting. It’s a chance for you to be in a new environment and to gain new experiences, especially if you are looking to grow within your workplace. There are protocols that you need to follow, and they involve filling in the correct tax information. These protocols are put in place to ensure that you receive the proper benefits and pay the right return amount after leaving your old job or working for the first time after being unemployed.

These are also forms that you will need to fill out yourself if your previous employer did not provide you with any of them when you left. You could call into the office and request an HMRC p46 form and get it all sorted out yourself.

What is a P46 starter checklist?

The primary reference for a p46 is an employee without a p45. A p45 is what your former employer would have given you at the end of the tax year.  The purpose of this is to prove how much tax deductions and payments.

We asked Adam from Ignite SEO, an SEO training and consulting company, he has knowledge about P46 Starter Checklist and he said, “Every person starting a new job needs to file the P46 checklist for their own good. The checklist is used by an employer to gather the information they need to set an employee up on payroll correctly. It also assists employers to select the correct tax code to operate against employee’s income, which prevents any under-or overpayments.

It lists what the initial gross pay was for the year and your tax code and registration information that you would need for your new employer or any benefit claims you would like to make if you are no longer employed. A p46 also checks to see if HMRC owes you any money that was not paid to you up to 4 years after you have filed your returns, so correctly filling one in before you start your new job could also result in a possible extra paycheck.

Starting a new job

When you do not have a p45 or p46 form, your new employer can fill out an emergency tax form for you, but in doing so, you run the risk of paying double the amount of tax you should have paid. To avoid this from happening, it is essential that you try and get the information ahead of time.

The correct information

If you have been receiving any kind of benefits for children, disability, or studying, it is essential to list all the information in the boxes that apply to you.

If you have misinformed the HMRC about any of your information, then you can be guaranteed that you will receive an additional tax bill at the end of the tax year. You cannot omit some of the more critical information if you are receiving a state pension, another income source, and whether it is your only source of employment since the new tax year started on April 6th. You need to check if you have been studying or are still studying and receiving a stipend for your studies and receiving any child care benefits while you were unemployed.

Entering into a new place of employment can be a new beginning for everyone, but it is vital to start on the right foot. Doing so only makes it that much better for the relationship between you and former employers. It can only sour your relationship if you still need to get that paperwork done, and you find out that you overpaid or were underpaid. If you have any questions or need any more information, you need to contact the HMRC.

 

 

 

 

 

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