HMRC pensions warning over £124,000 tax bill as 'you need to do this'

HMRC has highlighted a crucial check that pension planners may need to carry out after a taxpayer queried a hefty bill they had received. The individual contacted HMRC to question an "estimated income tax bill" of £124,000 appearing on their record.

However, HMRC clarified that given this was seemingly related to an actual payment received, this would "need to be checked" by the customer. The woman reached out over X to follow up on a letter she had sent to the tax authority, challenging an "estimated income tax bill" of £124,062 she had received.

HMRC first asked if this was estimated income for the current 2024/2025 tax year, with the person confirming the amount was under the category 'Employments that have ended since April 5, 2024'. HMRC then asked if she recognised this employment linked to the mystery figure.

The woman responded that she did not as she hadn't worked since 2017. She explained her attempts to resolve the issue, stating: "I contacted HMRC by phone with no success then contacted the company who 'paid me' and they have no record of me so I wrote to HMRC to ask them to investigate but have not heard anything."

After some discussion, the taxpayer revealed that she had previously received an inheritance from her late uncle, which came from this company as a pension payout. However, she also stated that this matter was settled between 2022 and 2023, and she had already paid the tax on the amount at that time.

She also voiced her concerns about the bill, noting that she was "getting extremely anxious" about the situation. The woman went on to state what turned out to be a crucial piece of information: "Someone has received a payment of £305,995 showing on my Gateway and has not paid the tax of £124,062".

In response to these details, HMRC issued a warning: "If it's showing that you've actually received a payment, that needs to be checked, if it was just an estimated income, then there wouldn't be any financial impact on you." The tax authority instructed her to reach out by calling 0300 200 3300 for support with the matter.

This number is the general enquiries line for income tax queries, open Monday to Friday from 8am to 8pm, and Saturday from 8am to 4pm.

For those with income tax questions, you may also be able to find out what you need through the Ask HMRC online chat service. This digital feature can help with inquiries regarding PAYE, tax codes, and claiming tax refunds.