Retirement

[Broxi51]

Honestly this is not a post to wind you all up, I am simply looking for advice.
I am hoping to retire on the 31st March as I have been told it makes everything easier for the break up between RM and myself.
I will be using up all holiday for this year before I finish up.
I was told I should get in touch with HMRC to let them know that I am retiring and that I am using my RM pension(which is quite poor) plus savings.
Is there anything else that I should do?

[whisperlite6]

Yes! If you use My performance app or Robin take screen shots or use another phone to take photos of everything you can access i.e holiday entitlement, pension contributions, cwu contributions etc etc because once you leave you will no longer have access to that portal of info and HR will drag their feet to help you access your data. If you do get stuck about accessing info you can request a freedom of information request. Enjoy the other side.

[RobertT]

I'm not sure what's relevant about the 31st March?
Saturday 4th April would be more logical, as it's both the last working day of the week and the tax year,(assuming you don't work Sundays) .

Telling HMRC isn't a bad idea, because it lets them know your income will reduce and hopefully means you won't pay tax when it's not due. Although my experience is they know most of the time anyway.

Having an online personal tax account enables you to check what tax you're paying and amend your income if their figures are wrong.

I'd read on here about people putting in a weeks notice, only to find that RM still owed them money after they'd left and they couldn't prove anything due to losing access to the app.
So I gave them 3 weeks and that gave them longer to sort things out, and my last pay slip was correct.
Taking photos is also a good move, just in case.

If you haven't already applied for your pension, be aware that it takes 3-4 months(?) for it to go through.

Otherwise, just look forward to all your extra free time, not having to go out in all weathers and not having to put up with the madness that is RM!

[TopperGas]

Honestly this is not a post to wind you all up, I am simply looking for advice.
I am hoping to retire on the 31st March as I have been told it makes everything easier for the break up between RM and myself.
I will be using up all holiday for this year before I finish up.
I was told I should get in touch with HMRC to let them know that I am retiring and that I am using my RM pension(which is quite poor) plus savings.
Is there anything else that I should do?

Personally I'll chose to retire when it suits me not RM!

As far as getting in touch with HMRC I can't see your under any obligation to tell them what you intend doing regarding using your savings and pension rise they'll tax you as they see fit anyway.

What you do need to ensure is your pension will be paid in April once you retire otherwise you'll have to use up more of your pension to meet the shortfall.

[RobertT]

As far as getting in touch with HMRC I can't see your under any obligation to tell them what you intend doing regarding using your savings and pension rise they'll tax you as they see fit anyway.

You're under no obligation at all.

But some people do get taxed when they're not supposed to, meaning their income will be less than they expected. They then have to go through the hassle of claiming a refund or having their tax code changed at a later date.
That can sometimes happen when you change jobs, take a pension or retire completely.

So telling HMRC what you're income is going to be upfront, gives them a better chance of getting it right first time and preventing any hassle.

[DiamondSmiles]

As others have said put yourself first and sod Royal Mail. Trust me they will not care one jot that you are going. Just give them a week's notice (if you've been employed some time), say goodbye to the workers, stick two fingers up at the managers and head off into the retirement sunset.

[TopperGas]

As far as getting in touch with HMRC I can't see your under any obligation to tell them what you intend doing regarding using your savings and pension rise they'll tax you as they see fit anyway.

You're under no obligation at all.

But some people do get taxed when they're not supposed to, meaning their income will be less than they expected. They then have to go through the hassle of claiming a refund or having their tax code changed at a later date.
That can sometimes happen when you change jobs, take a pension or retire completely.

So telling HMRC what you're income is going to be upfront, gives them a better chance of getting it right first time and preventing any hassle.

HMRC are usually reactive not proactive in my experience, they'll tax most of us how they see fit not how we think they should tax us. Regardless I can't see any of us any under any obligation to tell them we're going to live off our savings in future.

[RobertT]

HMRC are usually reactive not proactive in my experience, they'll tax most of us how they see fit not how we think they should tax us. Regardless I can't see any of us any under any obligation to tell them we're going to live off our savings in future.

Like I said, nobody is under any obligation but it can help things to run smoother for you!

For example:
My main source of income is from drawing down my personal pension(supplemented by savings) and have an 'official' income of just under the Personal Tax Allowance. But last month HMRC wrongly decided to reduce my tax code and therefore I paid tax when I shouldn't.
Something that's happened to a lot of people, going by what I've read online.

I changed my expected income online via my personal tax account, and this month I again received the correct amount, plus my pension provider paid back the tax from last month.

If I hadn't told them, I'd have probably paid tax until the end of 25/26 and then would have to claim a refund or let them sort it out over the course of time.

So it's not about telling HMRC what you're going to do!
It's about ensuring you're paying the correct amount of tax and therefore have what you're expecting in your pocket each month!