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  • FIRST POST
    • Rob749
    • By Rob749 14th May 17, 7:47 PM
    • 37Posts
    • 2Thanks
    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 2
    • Rob749
    • By Rob749 10th Sep 17, 7:47 PM
    • 37 Posts
    • 2 Thanks
    Rob749
    Thanks for the reply, as you say, probably best to ring them anyway. I think i rang them before at that time on Saturday and got straight through.
    You are a good citizen ! Every little helps as they say
    • Reluctantpensioner
    • By Reluctantpensioner 24th Mar 18, 5:07 PM
    • 55 Posts
    • 21 Thanks
    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
    • By NorthernGeezer 24th Mar 18, 5:24 PM
    • 144 Posts
    • 20 Thanks
    NorthernGeezer
    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
    • By Reluctantpensioner 17th Apr 18, 4:37 PM
    • 55 Posts
    • 21 Thanks
    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
    • By where are we 18th Apr 18, 9:53 AM
    • 230 Posts
    • 67 Thanks
    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
    • By ggmf 18th Apr 18, 8:32 PM
    • 56 Posts
    • 20 Thanks
    ggmf
    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
    Originally posted by where are we
    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
    • By Dazed and confused 18th Apr 18, 8:42 PM
    • 2,943 Posts
    • 1,449 Thanks
    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
    • By ggmf 18th Apr 18, 9:35 PM
    • 56 Posts
    • 20 Thanks
    ggmf
    Great thanks,
    • goRt
    • By goRt 19th Apr 18, 8:35 AM
    • 263 Posts
    • 157 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
    • By NorthernGeezer 22nd Apr 18, 9:06 PM
    • 144 Posts
    • 20 Thanks
    NorthernGeezer
    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
    • By jimbog 5th May 18, 6:56 PM
    • 730 Posts
    • 1,276 Thanks
    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!
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • Dazed and confused
    • By Dazed and confused 5th May 18, 8:29 PM
    • 2,943 Posts
    • 1,449 Thanks
    Dazed and confused
    The print and post version is your friend

    Enter the full amount of any UK pension income that you expect to get before tax is taken off
    and the taxable part of the flexible pension payment or pension death benefit lump sum payment.
    (The taxable amount will be shown on any letter or Payment slip received from your pension provider).


    Details of pension flexibility payments paid as lump sums
    Do not include any non-taxable element of the payment
    • where are we
    • By where are we 6th May 18, 10:40 AM
    • 230 Posts
    • 67 Thanks
    where are we
    jimbog - the answer to How much was the pension flexibility payment? on your P55 is "(b) The amount after 25% Tax free element is deducted (7500)". It will be listed as "taxable balance" on your pension providers statement.
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