When the client first takes a taxable income payment, an emergency tax code will typically be applied. This payment is then reported electronically to HMRC, who will subsequently confirm the client's correct tax code. Once received, this tax code is updated on our back-office system and will be applied to future income payments. 

If a rebate is due, or if additional tax needs to be paid, this will be adjusted in the next payment. If the client is only taking a one-off income, this will need to be claimed directly from HMRC. 

Please note, we can accept documentation prior to the client taking an income payment which will allow us to use the client's current tax code for the first payment, such as a P45. Please send this to servicecentre@soderbergpartners.com before you submit the withdrawal application. 

Please note, we are unable to accept a P60, and the P45 must be issued within the current tax year and will need to have Section 7 completed or we will not be able to update the tax code.

In addition:

• The P45 must not have already been provided to another new source of income, such as a new employer.
• If HMRC has already issued an updated tax code (typically via a P6/P6B notification), we must use the HMRC-issued tax code instead of the P45. 
• A P60 cannot be used to update a tax code as it is a historical record of pay and tax from a completed tax year and does not have the authority to determine a client's ongoing tax code. 
• A P45 from a previous tax year cannot be accepted for tax code updates. 
• Where a valid P45 is not available or cannot be used, the first taxable income payment will be processed using the appropriate emergency tax code until HMRC provides an updated tax code.