P55 from and pension drawdown questions

flamegirl_60

Hello, I need some help please.  In 2020, I took my 25% tax free lump sum from my pension. This year in July I took another amount. The pension company didn't deduct my tax at source, so I have to pay this tax myself, which I have saved and am ready to pay. I have several questions 
1. Do I need to pay this amount at the end of this tax year 24/25 or 25/26 ? 
2. Would I be able to claim some of this tax back using a P55 form? 
3. As I am employed, do I need to fill out a self-assessment for this pension payment? 
4. Is there a limit on how much you can drawdown in a tax year? 
5. If anyone can shed any light on how this all works in a simple, not complicated way, I would be eternally grateful 
Thank you 

molerat

1. HMRC will contact you if there is tax due

2. If any tax is due why would you be able to claim it back 

3. Unlikely

4. No

5.  The biggest question is why tax was not deductrd at source.  What code was used ?  How much did you draw ?  What does your online tax account show reference this pension ?

DRS1

You say you are still employed.  Have you been contributing to this pension?  If so is it possible that some or all of what you have just taken is the tax free lump sum for those more recent contributions?

Presumably you asked the pension company why they didn't deduct tax.  What did they say?

Dazed_and_C0nfused

DRS1 said:

You say you are still employed.  Have you been contributing to this pension?  If so is it possible that some or all of what you have just taken is the tax free lump sum for those more recent contributions?

Presumably you asked the pension company why they didn't deduct tax.  What did they say?

If it was the first taxable payment then the emergency tax code, 1257L, would normally be used and therefore no tax deducted from the first £1,058.