Form P55 Flexibly Accessed Pension Payment: Repayment Claim (Tax Year 2020 to 2021) - United Kingdom

How to Fill in Form P55?

Before you start, read the guidelines to make sure you are eligible for a refund. It is possible to include estimated amounts if you do not yet know your exact income for the required period. Follow these steps to fill out Tax Form P55:

1. Begin with your personal information - indicate your title, full legal name, and date of birth. Enter your National Insurance Number and the Pay-As-You-Earn Number you can learn from your employer (if applicable).
2. Add your contact details - current mailing address to receive further correspondence and telephone number. Do not forget to state the best time for the United Kingdom HM Revenue & Customs to reach out to you in case they need to ask questions and specify certain details you may omit in the claim.
3. Outline the employment income you are planning to receive during the tax year. You may list several employers and include taxable benefits you are entitled to.
4. If you receive any profits while being self-employed, record their amount in the provided space.
5. Write down the full amounts of pension income you are expecting - note that you must indicate the amount before taxation. Identify the company that made a lump sum pension flexibility payment, specify the tax deducted, and the lump sum subject to taxation.
6. State the taxable benefits and allowances you are going to receive - to find out the total amount, you need to multiply your regular payment by the total number of yearly payments.
7. Enter the amount of taxed and untaxed interest you have on savings and investments. Thoroughly read the examples provided for each category to make sure you are filling out the correct boxes.
8. Record the total amount of income you are planning to receive from domestic dividends. Add any other sources of income you have separately.
9. If you are participating in the gift aid scheme, state all one-off and regular payments.
10. Indicate your bank account information for future repayment - you may choose another person to receive this money on your behalf.
11. Confirm the information in the claim is correct, add your name and telephone number. Sign and date the document. Alternatively, it can be signed by a legal representative if they write down their status below.