If you have been working for the same company for a long time and feel like you need a change or you have been unemployed and finally found a new job then the one thing you would need to do is check in on all the tax paperwork that you would need before starting your new job. A p46 form is one of the forms you need to take along with you if you haven’t received a p45 or any other tax collection paperwork from your previous employer that would need to be submitted to HM Revenue and Customs when you start working at a new place of employment.
What is a P46 form?
A p46 form is what you use to manually recollect all the tax that you have paid for a year when working at your previous place of employment. When your previous employer hasn’t issued you with a p45 form before your last day at the company, you will need to ask your new employer for a p46 to fill in. This will give the exact details of your financial history with the previous company. The p46 form tells them what amount of tax you should have paid, what the exact amount of tax that was detected is, what your annual taxable income was per annum and what other benefits you might have paid such as medical, unemployment and union fees.
It also checks what taxable items you have declared and if any money is owed to you by HM Revenue and Customs. These forms can be used dating back up to 4 years so that you can keep the correct information with HM Revenue and Customs. Your p46 form should also have one of 4 statements on them when you submit it to your new employer. These statements should be as follows:
- You are not receiving a jobseeker, unemployment or any other taxable benefits while you are unemployed.
- You are currently employed, have been employed in the recent past and have been receiving taxable financial compensation.
- You are receiving a state pension
- You are still a student and you are busy repaying your student loan
Real Time Information Employers would then submit the information with their Full payment submission.
In conclusion, a p46 form would ensure that you have submitted the correct information for tax purposes and that any information that relates to your tax history is handed over on your behalf by your new employer to HM Revenue and Customs.
It is part of the tax information that keeps both you and your employer above board with all the legal requirements of HM Revenue and customs for new employees. Filling in the form also gives you a chance to go through any submissions that you might have missed and you might even get an extra payday from it. Be sure to enquire about all the correct information before handing in your form and keep your employer posted on any information you might have missed.
