Welcome relief?

We have seen various Press articles of late highlighting the plight of those drawing on their pensions, and suffering overpayment of tax in the process.

Sadly, this is no more than a natural limitation of the PAYE system which can cause problems where income is ‘lumpy’. This is almost inevitable where ‘one-off’ withdrawals are made from pension plans, as is now possible under the new pension freedoms.

Thankfully, the answer is relatively simple and a repayment from the tax office should be possible in most cases.

It may be that those affected meet the criteria for Self-Assessment in any case, and filing a tax return to reclaim excessive tax withheld via the PAYE system is a robust way to access a refund. Our team are adept at identifying overpayments, and finding the quickest route to obtaining a repayment where relevant.

Please contact us for further consultation.