P60s and tax codes: Your questions answered!
April means the beginning of a new tax year and the arrival of all sorts of financial, tax-related paperwork through your letterbox. Pension statements, your P60, or a letter informing you about your tax codes could be among these.
All companies that pay out pension benefits are required by law to send you this information. But when it all arrives at once it’s understandable if it can all feel a little overwhelming. To help put your mind at ease, we've put together a list of common questions that you might have about P60s and tax codes.
If you live abroad please allow a reasonable amount of time for overseas delivery. If your P60 hasn’t arrived by the beginning of June, please feel free to get in touch – we’ll be happy to help.
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The P60 we’ve sent you shows the total amount of income you’ve received from, and any tax you’ve paid from, your Just policy/ policies or plan(s) for the tax year just gone. It may also include income received from previous pension providers/employment.
By law, we have to send you a P60 form at the end of each tax year. You may need it to:
- complete a tax return, if this applies to you
- claim back any tax you've overpaid, or
- apply for tax credits.
Even if these don't apply to you, it's still a good idea to keep your P60 in case you need it at a later date.
Tax codes usually change at the beginning of each tax year to reflect the changes in personal allowances and tax thresholds. However, your tax code may also change during the tax year if there have been recent changes to your circumstances.
For example, your tax code may have changed if you've recently:
- started receiving your State Pension
- started receiving a taxable benefit (for example State Pension or Jobseeker’s Allowance)
- finished work or started a new job
- started receiving other income, or
- applied for the marriage allowance.
Please contact HM Revenue & Customs (HMRC) to confirm this as we can only use tax codes issued by them. HMRC's contact details are below:
HMRC phone number:
0300 200 3300
HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
All UK residents are each assigned a tax code by HM Revenue & Customs (HMRC), even if you are a non-tax payer. If you’d like to know more, please contact HMRC for further information.
If you have a question about how much tax you’re paying, please contact HMRC using the details below. The amount of tax taken from your income is based on the tax code provided by HMRC.
HMRC phone number:
0300 200 3300
HMRC Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
If you think you’ve paid too much tax please contact HMRC in the first instance. Their contact details are shown below:
HMRC phone number:
0300 200 3300
HMRC address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
HM Revenue & Customs (HMRC) look at your tax situation towards the end of each tax year, when the amount of tax you pay is reviewed. They will send us and you a new tax code notice, which may affect the amount of income actually paid into your bank account.
You can contact HMRC using the options below:
Phone number:
0300 200 3300
Address:
Pay As You Earn
HM Revenue & Customs
BX9 1AS
You’ll need to quote your National Insurance number when you contact them. You may also need to quote our PAYE reference.
If you have an annuity with us, then the PAYE reference you will need is 581/JZ59145.
Please contact us in writing at the address below or by phone on 01737 233297 to tell us about any changes to your contact details.
Our address:
Just
Enterprise House
Bancroft Road
Reigate
Surrey
RH2 7RP
Although we may have received amounts from more than one company or pension plan, and each has a separate policy number, we combine these so that we can make a single payment to you. The P60 form includes all payments made by Just to you in the current tax year.
Don’t worry! If you haven’t yet received your 2022/2023 P60 from us (and you usually receive it from us directly), then please call us on 01737 233297.
Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.
If you've lost your P60 and need a copy, please call us on 01737 233297 to ask for one.
There are three amounts given.
- ‘Pension paid by us’ is the amount of income before tax.
- ‘Tax Deducted’ or ‘Refunded’ is the amount of tax taken from your income or refunded to you.
- ‘Pension Less Tax’ is the income we paid to your account after tax.
If we received your P45 form from your previous employer or pension provider, and it related to the tax year in question, we have to quote this information on your current P60 form. HM Revenue & Customs (HMRC) may also give us this information.
Some of our plans are provided by Capita. If you receive payments from them on behalf of us, then please call 0345 120 2837.
Your P60 covers the tax year beginning on 6 April 2022 and ending on 5 April 2023.
That's us! If you need to speak to us, please call 01737 233297.
For annuity customers:
The lifetime allowance is £1,073,100 for the 2023/2024 tax year. Prior to 6 April 2023 a tax charge would have been paid on pension savings above this amount, however those charges were removed on 06 April 2023. A different lifetime allowance may apply if you have applied for transitional protection. There is a proposal to abolish the lifetime allowance from 6 April 2024.
When payments begin from your company or pension plan, the value of your pension is tested to work out how much of the lifetime allowance has been used up.
The result of this test is expressed as a percentage and shown every year on your P60. Although the lifetime allowance may change from year to year, the lifetime allowance percentage shown on your P60 will stay the same, unless you buy another policy from us.
If you're an annuity customer:
By law, we have to send you a statement every year, confirming the lifetime allowance you used when you bought your policy (or policies). You may be asked to provide this if payments begin from another company or pension plan.
If we’ve left the box blank, we are waiting for your previous pension provider to tell us what this figure is. They’ll also tell you what the figure is.
There are some scenarios where the lifetime allowance doesn’t apply, for example if your annuity started before 6 April 2006. If this is the case, the box will show ‘n/a’.