What is a P46 Form?
Usually, you complete a P46 form when you start a new job and your last P45 is not available. The P46 tax form is important because it helps you pay the correct amount of income tax. If you don't have a P45 or don't fill in a P46, your employer will usually apply an emergency number to your wages, possibly causing you to pay too much tax.
The P46 form is very important because it ensures that you pay the correct tax when you start a new job. This is essential documentation that every professional should know and understand at all stages of their career. Nobody wants to pay more tax to HM Revenue & Customs (HMRC). So, at the beginning of the fiscal year, make sure your P46 is ready and complete when you start your new job.
Why Do I Need a P46 Tax Form?
The most common reasons you may need a P46 tax form include:
● You cannot show your latest P45 form to your new employer.
● You are starting your first job.
● You start another job without quitting your current job.
It is important to note that if you are required to provide your employer with a P46 form, it is your responsibility and your employer will not complete it on your behalf.
What Information Do I Need to Complete a P46?
All the different tax forms need:
● Your personal basic information.
● Information about Tax Codes.
● Details of your financial information (Jobseeker’s Allowance/student loan repayment).
How Do You Get a P46?
Once you start your first day in your new position, and you don't have your last p45 form, your employer will give you a P46. After you have completed your P46 form, your new employer will be able to provide your details to the tax office so that they can apply the correct tax code to your account before your first payment.
Filling out your tax forms is an easy task and should be a priority when you start your new role, especially if you don't have a P45 yet. If you are an employer and require a blank P46 form, click here to go to HMRC's P46 page.
What Happens If an Employee Does Not Provide P46 Information?
If you are not able to provide p45 or p46 to your employer, then your employer may not be able to put you on the correct tax code. You may be subject to an emergency tax code (BR, OT), which could mean paying too much income tax until the correct information is provided.
How PTA Helps!
Our tax experts will help you claim your tax relief. We specialize in ensuring that our clients are tax efficient throughout their financial lives. We will guide you through all the numerous forms until you receive your full tax refund claim and contact HMRC on your behalf.