Why is my first income payment taxed on the emergency tax code?

This is because HMRC do not inform us of your actual tax code until you withdraw taxable money.  
After you have withdrawn, HMRC will provide us with the correct tax code for any future payments. Details of the tax code will be on the payslip which is uploaded to Documents in your online account. 

This is an HMRC rule and not a Vanguard policy. If you feel you were taxed incorrectly, you should contact HMRC directly.

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Getting help in difficult circumstances

Please contact us if you’re having financial difficulties, navigating a difficult time in your life, or if your mental wellbeing is affected. This happens to many in these uncertain times. We’re here to help.

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