Tax Form P55

Reluctantpensioner

I have just used online reclaim for a UFPLS withdrawal (originally taxed as if my income was £450K/year!). From the questions previously I think the form I used is a new one. Tax year is not mentioned and the questions are not numbered.
The one I used was: www. tax.service. gov. uk/ forms/ claim-tax-back-flexible-access-pension
I was logged into the online service.
Everything seemed to go OK, but I was left with quite a few questions about whether I filled in the form correctly:
Some questions talked about "will you do X" yes or no. But at the end of the tax year I have things that have been started but aren't necessarily finished.
The form never refers to UFPLS or Drawdown at all (flexible access pension is used). I still don't have confidence I filled in the right form.
The form asks for the sum that has been accessed: but is this the full sum or the 75% taxable. I assumed the latter, but never felt confident. [I sent a comment in about the last one].
All in all a simple process, but could do with some help popups on each entry.

NorthernGeezer_2

Which ever way you look at it, its a right palaver having to claim back something you shouldnt have paid in the first place.
Surely there must be a simpler way of doing things than this!

Reluctantpensioner

Fully accept it's a stupid system.
But they did move quickly: applied online 24/3. Assessment and Cheque: 4/4.

where_are_we

Completing the "untaxed interest on UK savings" section in the online version of the P55 is very time consuming if you have lots of savings accounts, because you have to list each individual account`s interest - it is easier to print off the P55 form which only asks for the total interest (you do not have to list the details of each savings account) . You have to wait several months after the end of the tax year for some of these accounts to give you an interest earned statement or you can do it manually (more work). We claim back all the tax deducted from our UFPLS because we limit our total income to the Personal Allowance each year.

ggmf

where_are_we wrote: »

Completing the "untaxed interest on UK savings" section in the online version of the P55 is very time consuming if you have lots of savings accounts, because you have to list each individual account`s interest

Indeed and that's a task I need to undertake, unless HMRC catch-up later in the 2018-19 year and automatically process any due refunds from 2017-18 without the need to complete a P55? I'm happy to wait if this is performed automatically.

Dazed_and_confused

Assuming you don't complete a Self Assessment return then yes it is done automatically.

Somewhere on gov.uk it explains HMRC intend to have processed any refunds due by November.

ggmf

Great thanks,

goRt

iii's position is to declare to HMRC that you have ongoing payments thereby HMRC rejects the P55.
iii believes that as you have funds in your SIPP you could always take another payment even though it has no instruction to support this position - FOS's initial view was to support this without conducting any research - I've poked it in the eye with the regs and await a corrected response.

NorthernGeezer_2

I will have worked for one month in tax year 18/19 and been paid by PAYE.
It is my intention to withdraw my tax free 25% AND an amount up to my tax threshold, accepting of course that i will pay tax on this under an emergency code.
Do i use form P55 to claim back both these tax over payments or is it a different one?

jimbog

I would appreciate any help regarding the online version of the P55.

In the section where it asks:
How much was the pension flexibility payment?
Would this be:

(a) The amount I claimed from my pension (£10K)
(b) The amount after 25% Tax free element is deducted (£7500)
(c) The total payment net of tax i.e. the value of the cheque I received

Thanks in advance!