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  • FIRST POST
    • Rob749
    • By Rob749 14th May 17, 7:47 PM
    • 21Posts
    • 1Thanks
    Rob749
    Tax Form P55
    • #1
    • 14th May 17, 7:47 PM
    Tax Form P55 14th May 17 at 7:47 PM
    Hi everyone, apologies if this has been answered somewhere else, I have looked but couldn't find relevant answer. Has anyone claimed tax back in this tax year (2017/18) after taking UFPLS, if so whats the score with the online form? The only form I can find has the dates for claiming back tax in the last tax year (2016/17), no mention of this tax year - referring to question 13.

    Also what tax reference is used in one of the other questions (Q9?). is this supplied by the pension provider ? My wife is claiming, and she doesn't have a tax code (non tax-payer), so not sure what to stick in there. Thanks for any help.
Page 1
    • ironhead
    • By ironhead 14th May 17, 10:44 PM
    • 9 Posts
    • 7 Thanks
    ironhead
    • #2
    • 14th May 17, 10:44 PM
    • #2
    • 14th May 17, 10:44 PM
    Hi Rob

    unfortunately P55 seems to have been overlooked by HMRC for this year.

    I've just taken £11.5k from my personal pension and it will be my only taxable income for this year so technically I don't owe any tax but of course they have applied the month 1 rule and assumed I will be taking £11.5k every month and taxed me accordingly (cica £3.5k)

    I phoned HMRC helpline and the guy I spoke to said that he couldn't find P55 for this year either so he said just write in to HMRC, PAYE and Self Assessment, BX9 1AS with an explanation and they will sort it.

    I also enclosed a copy of the payment certificate from my pension provider, which is a bit like a wage payslip, so they can see what I've done.

    It's been about ten days now and I've not heard anything back yet so still waiting with baited breath

    cheers

    Dan
    • greenglide
    • By greenglide 14th May 17, 11:16 PM
    • 2,898 Posts
    • 1,868 Thanks
    greenglide
    • #3
    • 14th May 17, 11:16 PM
    • #3
    • 14th May 17, 11:16 PM
    Can you not do an online claim? You can for 2016/2017 so I assume the 2017/2018 is available? See here https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-tax-year-p55
    • xylophone
    • By xylophone 14th May 17, 11:59 PM
    • 23,455 Posts
    • 13,635 Thanks
    xylophone
    • #4
    • 14th May 17, 11:59 PM
    • #4
    • 14th May 17, 11:59 PM
    yet so still waiting with baited breath
    On the hook?
    • Rob749
    • By Rob749 15th May 17, 10:19 AM
    • 21 Posts
    • 1 Thanks
    Rob749
    • #5
    • 15th May 17, 10:19 AM
    • #5
    • 15th May 17, 10:19 AM
    Thanks for the link Greenglide. Will try that.
    • Rob749
    • By Rob749 15th May 17, 1:24 PM
    • 21 Posts
    • 1 Thanks
    Rob749
    • #6
    • 15th May 17, 1:24 PM
    Form P55
    • #6
    • 15th May 17, 1:24 PM
    Hi Ironhead - please post again when it is resolved. Thanks.
    • greenglide
    • By greenglide 15th May 17, 2:42 PM
    • 2,898 Posts
    • 1,868 Thanks
    greenglide
    • #7
    • 15th May 17, 2:42 PM
    • #7
    • 15th May 17, 2:42 PM
    Just had a look at the online facility to input the P55 and it doesnt actually state which tax year is being claimed - at least not in the first 3 or 4 screens, it just refers to "current tax year".

    Can you use the P55 after the tax year is ended? If not then everything should be fine!
    • Rob749
    • By Rob749 15th May 17, 4:00 PM
    • 21 Posts
    • 1 Thanks
    Rob749
    • #8
    • 15th May 17, 4:00 PM
    • #8
    • 15th May 17, 4:00 PM
    Thanks again Greenglide, thats the way to go I think.
    • POPPYOSCAR
    • By POPPYOSCAR 15th May 17, 4:14 PM
    • 10,824 Posts
    • 22,551 Thanks
    POPPYOSCAR
    • #9
    • 15th May 17, 4:14 PM
    • #9
    • 15th May 17, 4:14 PM
    Hi Rob

    unfortunately P55 seems to have been overlooked by HMRC for this year.

    I've just taken £11.5k from my personal pension and it will be my only taxable income for this year so technically I don't owe any tax but of course they have applied the month 1 rule and assumed I will be taking £11.5k every month and taxed me accordingly (cica £3.5k)

    I phoned HMRC helpline and the guy I spoke to said that he couldn't find P55 for this year either so he said just write in to HMRC, PAYE and Self Assessment, BX9 1AS with an explanation and they will sort it.

    I also enclosed a copy of the payment certificate from my pension provider, which is a bit like a wage payslip, so they can see what I've done.

    It's been about ten days now and I've not heard anything back yet so still waiting with baited breath

    cheers

    Dan
    Originally posted by ironhead


    I thought the pension provider always deducted tax and you had to claim back from HMRC?
    • Ganga
    • By Ganga 15th May 17, 4:14 PM
    • 815 Posts
    • 397 Thanks
    Ganga
    I phoned up last year and got the tax refunded back direct to my bank account as i am a non tax payer,did not have to fill in any forms.
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
    • clivep
    • By clivep 15th May 17, 5:23 PM
    • 182 Posts
    • 67 Thanks
    clivep
    I submitted P55 claim forms online for my wife and myself on 30th April in regard to our mid-April UFPLS withdrawals.

    Notification message of refund payment for my P55 was received at the end of last week. Payment due to be made today so I expect funds to turn up in a couple of days. Calculation form from HMRC received in the post today.

    My wife's UFPLS has not yet been processed.

    ... Tues 16th May. Cleared funds received for my UFPLS tax refund.

    ... Wed 17th May. Calculation form for my wife's UFPLS received by post (dated 12th May) and funds received. Interestingly the payment decription is "Cheque deposit" and the funds are not cleared! (For mine the description was "Bank credit HMRC SA" and came through cleared). Unlike my refund, no notification message hes been sent to her online account. The text of the letter accompanying the calculation was different to mine... maybe because although I had to fill in a self-assessment tax return for 2016-2017, she has not been required to.
    Last edited by clivep; 17-05-2017 at 3:38 PM. Reason: Update
    • cynic
    • By cynic 1st Jun 17, 10:16 PM
    • 23 Posts
    • 12 Thanks
    cynic
    Help with question 13 on P55
    Clivep congratulations on your successful navigation of P55!
    Perhaps you can help with a question. I am helping my aunt reclaim and we have both become confused by the wording of question 13)

    "13 Have you or do you expect to receive income from any UK pension during the tax year 2017 to 2018?"
    It then asks for in a table "Full amount of any UK pension income you expect to receive before tax is taken off" (let's call this answer A)
    And then a second table "Details of pension flexibility payments paid as lump sums. Do not include any non-taxable element of the payment" asking for "Tax deducted"(answer B) and "Taxable lump sum" (answer C)

    My aunt has previously withdrawn her 25% tax free lump sum in another tax year and has this tax year made a lump sum withdrawal of £10k which has been taxed at the emergency rate.
    We are confused whether £10k shd be filled-in twice I.e. Answer A= Answer C?
    Such that 'Full amount of UK pension income' includes the 'flexibly accessed lump sum'

    Or actually in her case Answer A = zero and Answer C = £10k
    Such that pension income is asked for in case you are also taking a regular income from another (or indeed the same?) pension.

    Hope my question is clear (sorry if I'm being daft) and appreciate any help
    • Dazed and confused
    • By Dazed and confused 1st Jun 17, 10:58 PM
    • 1,868 Posts
    • 830 Thanks
    Dazed and confused
    I would say you don't declare the £10k at A but do need to show it at C (with the tax at B).

    If she has other pension (ignoring the state pension which goes into section 14) that must be shown at A.
    Last edited by Dazed and confused; 01-06-2017 at 11:02 PM.
    • cynic
    • By cynic 2nd Jun 17, 5:52 PM
    • 23 Posts
    • 12 Thanks
    cynic
    That is very much the answer I was heading for, thanks!
    • clivep
    • By clivep 4th Jun 17, 2:30 PM
    • 182 Posts
    • 67 Thanks
    clivep
    I would say you don't declare the £10k at A but do need to show it at C (with the tax at B).

    If she has other pension (ignoring the state pension which goes into section 14) that must be shown at A.
    Originally posted by Dazed and confused
    Agreed.

    It could have been worded clearer. The "UK pension income" relates to the gross amounts expected to be received in the year from sources other than the UFPLS that you are claiming the refund for.

    e.g. For my wife's refund claim the "UK pension income" section contained the annual amount of her small NHS pension and small annuity whereas mine was zero.

    For your aunt's claim the £10k is crystallised so is all taxable and needs to be shown at C (Pension flexibility lump sum payment) with the tax paid at B.
    • sevenhills
    • By sevenhills 19th Jun 17, 1:35 PM
    • 715 Posts
    • 256 Thanks
    sevenhills
    I submitted my online P55 form on Thursday, and the online progress states a completion date of 31st July. I just hope its sooner.
    • Rob749
    • By Rob749 10th Sep 17, 11:26 AM
    • 21 Posts
    • 1 Thanks
    Rob749
    Self Assessment
    clivep
    My wife has received her tax refund via the Form P55 and that was fine. She has now just received a letter telling her that a Self Assessment record has been set up for her, so does that now mean she has to complete a Self Assessment return every year, as stated in the letter? Is this your experience and is it the norm after you have claimed UFPLS as a non tax payer? Thanks.
    • bigadaj
    • By bigadaj 10th Sep 17, 11:57 AM
    • 10,708 Posts
    • 7,002 Thanks
    bigadaj
    clivep
    My wife has received her tax refund via the Form P55 and that was fine. She has now just received a letter telling her that a Self Assessment record has been set up for her, so does that now mean she has to complete a Self Assessment return every year, as stated in the letter? Is this your experience and is it the norm after you have claimed UFPLS as a non tax payer? Thanks.
    Originally posted by Rob749
    If it's a one off, then that's probably just an automatic letter, if you ting them up they'll probably cancel it.

    I had the opposite last year, did a sa return and then notice I didn't need to complete one for this year, but I'll have to do one given my tax situation, their systems aren't great, but not terrible either.
    • Rob749
    • By Rob749 10th Sep 17, 12:13 PM
    • 21 Posts
    • 1 Thanks
    Rob749
    Hi
    Thanks very much for the reply. So if she does the same again next April, i.e. Put £2880 into her SIPP and then withdraw the £3600 in the same tax year, and only has her state pension as any other income, which in total, is still below her Personal Tax Allowance. Do you think she would still need to complete one?
    She also had a tax code notice of 203N X which is basically what she has left of her tax allowance for this tax year after her SIPP withdrawal this tax year, (this was the first time she has withdrawn from the SIPP and was originally charged tax on an emergency tax code).
    • bigadaj
    • By bigadaj 10th Sep 17, 6:34 PM
    • 10,708 Posts
    • 7,002 Thanks
    bigadaj
    Hi
    Thanks very much for the reply. So if she does the same again next April, i.e. Put £2880 into her SIPP and then withdraw the £3600 in the same tax year, and only has her state pension as any other income, which in total, is still below her Personal Tax Allowance. Do you think she would still need to complete one?
    She also had a tax code notice of 203N X which is basically what she has left of her tax allowance for this tax year after her SIPP withdrawal this tax year, (this was the first time she has withdrawn from the SIPP and was originally charged tax on an emergency tax code).
    Originally posted by Rob749
    Shouldn't have to but ring them and get confirmation, in my experience ringing at 8am or a bit before means you get through very quickly.

    If they say you need to submit self assessment and don't then you can get penalised even if you never actually needed to.

    I've got a sort of opposite problem, they've advised of the interest and other income I'll receive this tax year and amended my tax code, saying I now don't need to submit a return. But as for last year I'll be making additional pension contributions and vct investments, I might see if they'll change my tax code back but might be easier just to wait to the start if the new tax to year and do self assessment anyway me then get the refund, I'll be subsiding the governments cash flow as well which makes me feel suitably proud of my public spiritedness.
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