What is a P55 Form?
P55 is a form you can use to request a refund of overpaid tax after using your pension fund "flexibly" without emptying it. You can use it to recover taxes if you have withdrawn part of your pension fund and do not want to receive pending payments from it and your pension institution cannot grant you a tax deduction.
Who Uses the P55 Form?
You must use the P55 form if you have only received part of your pension if you do not have P45 and do not work or apply for unemployment benefits.
Why Do I Have to Fill Out a P55?
As a regular taxpayer, you may have paid 40% of your pension fund amount in tax because you have applied an emergency rate. If you don't complete P55, ask until the end of the fiscal year to overpay your taxes.
How do I Get a P55 Form?
You can download the P55 form directly from HMRC and fill it out online or on paper. Call HMRC on 0300 200 3300 to speak to someone about your P55.
What if I Want to Take Some from Time to Time?
HMRC has special advice for your retirement scheme:
“After receiving the tax rate on the first payment, the supplier may in some cases report a zero supplier for the months when no withdrawals were made and a contribution to HMRC for the tax on subsequent withdrawals that corrects the payment situation. myself
Do I Use Form P55 If I Withdraw All My Pension Funds Immediately?
No, you need one of two different modules:
● If you have withdrawn all your pension money and are still earning an income or are applying for unemployment benefits, please use the P53Z form.
● Do you have income or benefits and have you received a full pension? Then use the P50Z module.