P55 for tax year 2019-2020

cinders1850

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

garmeg

cinders1850 said:

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

Complete a tax return?

xylophone

https://www.thisismoney.co.uk/money/pensions/article-7175849/How-claim-overpaid-tax-pension-withdrawal.html

How do you get your money back? Normally when someone takes a flexible payment from their pension and pays too much tax they can claim the money back from HMRC using one of three forms.

Provided you fill out the correct form, HMRC says you'll get the money back within 30 days.

If you don't, HMRC says you should get the money back at the end of the tax year – although you would be relying on the efficiency of the Inland Revenue.

It might be as well for you to give HMRC a ring.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees

Telephone:
0300 200 3300

Dazed_and_C0nfused

garmeg said:

cinders1850 said:

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

Complete a tax return?

There should be no reason to complete a return for this reason.

The op could check their Personal Tax Account as this shows if the 2019:20 tax has been reviewed yet.  If not they can just contact HMRC to check why not and when they are likely to receive the overpaid tax.

cinders1850

Thank you garmeg, xylophone and Dazed_and_C0nfused

Dazed_and_C0nfused said:

garmeg said:

cinders1850 said:

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

Complete a tax return?

There should be no reason to complete a return for this reason.

The op could check their Personal Tax Account as this shows if the 2019:20 tax has been reviewed yet.  If not they can just contact HMRC to check why not and when they are likely to receive the overpaid tax.

All it says for 2019-2020 is that I have paid "the correct amount of tax" which is not correct as I wasn't liable for any tax.  I shall contact HMRC and speak someone there.  Many thanks for all your help.

Dazed_and_C0nfused

cinders1850 said:

Thank you garmeg, xylophone and Dazed_and_C0nfused

Dazed_and_C0nfused said:

garmeg said:

cinders1850 said:

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

Complete a tax return?

There should be no reason to complete a return for this reason.

The op could check their Personal Tax Account as this shows if the 2019:20 tax has been reviewed yet.  If not they can just contact HMRC to check why not and when they are likely to receive the overpaid tax.

All it says for 2019-2020 is that I have paid "the correct amount of tax" which is not correct as I wasn't liable for any tax.  I shall contact HMRC and speak someone there.  Many thanks for all your help.

That message means they have reviewed that year.

Is there a possibility you claimed the tax back shortly after the pension payment was made and as a result when they reviewed the position after the tax year ended the correct amount of tax (£0) had been paid i.e. you had overpaid say £2000 less £2000 refund that had already been paid out to you by HMRC = no tax due and no (further) refund due.

If you have the exact tax figure to hand maybe check your bank statements for a matching deposit not long after the pension payment was received?

cinders1850

Dazed_and_C0nfused said:

cinders1850 said:

Thank you garmeg, xylophone and Dazed_and_C0nfused

Dazed_and_C0nfused said:

garmeg said:

cinders1850 said:

Hello, HMRC have taxed me on a drawdown of £11850 I took from my pension pot in tax year 2019-2020 (it was my only income during that year).  I've gone online to complete form P55 to claim a tax refund but it only allows a claim for the current tax year.  Does anyone know how to submit an online claim for a previous tax year?

Complete a tax return?

There should be no reason to complete a return for this reason.

The op could check their Personal Tax Account as this shows if the 2019:20 tax has been reviewed yet.  If not they can just contact HMRC to check why not and when they are likely to receive the overpaid tax.

All it says for 2019-2020 is that I have paid "the correct amount of tax" which is not correct as I wasn't liable for any tax.  I shall contact HMRC and speak someone there.  Many thanks for all your help.

That message means they have reviewed that year.

Is there a possibility you claimed the tax back shortly after the pension payment was made and as a result when they reviewed the position after the tax year ended the correct amount of tax (£0) had been paid i.e. you had overpaid say £2000 less £2000 refund that had already been paid out to you by HMRC = no tax due and no (further) refund due.

If you have the exact tax figure to hand maybe check your bank statements for a matching deposit not long after the pension payment was received?

It's still showing that there is an amount of £3000-odd tax that has been paid and that it's correct. I thought I had claimed it but not received it but I will go back and check my bank statements just in case it has been refunded (and their system not updated) before I get in touch with them.  Many thanks for your help.

Dazed_and_C0nfused

What is "it's"?

Why do you think "it's" wrong?

cinders1850

Dazed_and_C0nfused said:

What is "it's"?

Why do you think "it's" wrong?

It's = HMRC website tax calculation.  The £3000-odd was deducted by my pension provider. It's wrong because I am not liable for any tax as the pension drawdown was my only income and it is lower than my personal allowance.

Dazed_and_C0nfused

HMRC don't show end of tax year calculations on your Personal Tax Account.

Do you mean it is shown as tax deducted from a payment made by the pension company?

If so that wouldn't ever change.  The pension company deducted the tax and as they (the pension company) didn't refund it by the end of the tax year it will always be tax they deducted even if HMRC later refund it to you.

xylophone

You requested a payment of £11, 850 from your pension provider?
Did the provider deduct tax of £3,698?
Did you receive only £8,152?
This was your only income of any kind during the tax year?
You are sure that you have not received a tax refund?
https://www.hl.co.uk/retirement/preparing/tax-matters/emergency-calculator