P55 form

[Sir Keith Stormer]

Looking for a bit of advice from all you finance guru s out there in case I land myself with a tax bill. I have income from various sources, wage, pensions, interest on savings etc. Recently I ve been taking out of an old pension a bit at a time, 5 grand each time and paying tax on each lump sum, there s still quite a bit left in there but I seem to be getting taxed to the hilt, could I be making an error in filling out a p55 and sending it in?

[LeoSayer]

I filled in that form last year.

As I recall it has boxes for you to add income from non-pension sources (wages, interest etc) that you expect to receive before the end of the tax year, so HMRC can get a picture of how much tax to refund you.

I got the refund after around 10 weeks. If you don't do it now then you'll need to wait until HMRC have done their reconciliation of your tax account which could be as late as October.

I'm not aware of any reason for you not to do jt now.