P55 HMRC Form Explained – Claiming a Pension Tax Refund

When you start withdrawing money from your pension, you may find that too much tax has been deducted. The P55 HMRC form is specifically designed to help reclaim overpaid tax if you have taken a flexible payment from your pension pot and your provider used an emergency tax code.

What is the P55 HMRC Form?

The p55 hmrc form is used when:

• You’ve taken part of your pension as a lump sum.
• You have not fully withdrawn or closed your pension pot.
• HMRC has deducted emergency tax on your withdrawal.

By submitting this form, you can reclaim the difference between what you paid in tax and what you should have paid.

When Should You Use HMRC P55 Form?

You should use the p55 hmrc form if:

• You’ve taken a flexible payment but not withdrawn your entire pension.
• Your pension provider has used an emergency tax code.
• You’re due a refund because your annual income is less than the tax deducted.

If you’ve fully emptied your pension pot, you should use a P50Z or P53Z instead.

How to Complete the P55 HMRC Form

1. Access the form – The easiest way is online

1. Provide your personal details – including National Insurance number.
2. Enter pension provider information – and the amount withdrawn.
3. Include your PAYE reference number – this helps HMRC match your tax record.
4. Declare your total expected income for the tax year – to ensure correct calculations.
5. Submit online or by post – online is usually faster.

Example Cases – P55 HMRC in Action

• Case 1 – Partial Withdrawal
  Michael withdrew £10,000 from his pension. His provider taxed it as if he was taking £120,000 in a year. Using the P55 HMRC form, he reclaimed over £2,500 in overpaid tax.
• Case 2 – Flexible Access
  Sarah took £5,000 from her pension while still employed part-time. She was taxed at an emergency rate but recovered the extra tax within weeks after filing her p55 hmrc form.
• Case 3 – Early Retirement
  David, retiring at 58, accessed part of his pension and got overtaxed. Filing P55 gave him a refund that helped cover his living expenses.

Common Mistakes with P55 HMRC

❌ Using the P55 when you’ve emptied your pension pot (wrong form).
❌ Forgetting to include your PAYE reference.
❌ Not declaring other sources of income, which may lead to incorrect refunds.
❌ Sending incomplete forms – causing HMRC delays.

Recommendations

✅ Always check whether you need P55, P50Z, or P53Z depending on your situation.
✅ Submit online for faster processing (around 30 days).
✅ Keep your pension statements handy to avoid errors.
✅ If in doubt, consult a tax adviser to ensure you claim the maximum refund.

FAQ – P55 HMRC Form

Q1: How long does HMRC take to process a P55?
Usually around 30 days if submitted online, longer by post.

Q2: Do I need a P45 to complete the P55?
No – HMRC will process your claim using pension provider details.

Q3: What if I withdraw my whole pension?
You should use P50Z (if no other income) or P53Z (if you do).

Q4: Can I reclaim tax without a P55?
Yes, HMRC will reconcile at year-end, but filing p55 hmrc form gets your money back sooner.

Q5: Can Audit Consulting Group help with P55?
Yes – we help clients reclaim pension overpayments correctly and quickly.

Why Choose Audit Consulting Group?

At Audit Consulting Group, we specialise in helping people reclaim tax on pension withdrawals. With our assistance:

• Your p55 hmrc form is filed correctly the first time.
• Refunds are processed as quickly as possible.
• We handle correspondence with HMRC.
• You avoid errors and delays that cost time and money.

Contact us today and let us secure your pension tax refund with ease.

Official HMRC guidance: https://www.gov.uk/claim-tax-refund