When the client first takes an income payment, an emergency tax code will be applied. This is then reported to HMRC electronically, and HMRC confirm the correct tax code for the client. This is updated in our back office and the new tax code will apply for payments going forward.

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 or P60. Please send this to servicecentre@soderbergpartners.com before you submit the withdrawal application.