Reclaiming Your Pension: Take Back Your Tax Overpayment

In a rare move by the HMRC, they’ve actually made it easier for you to get money back from them. With the implementation of the new P50Z, P53Z, and P55 forms, HMRC has taken steps to remove the previous 1 year wait to get back your overpayments. In the past, the emergency 1 month code applied during a first pension withdrawal meant you’d have to wait until you could file in the following year to get money owed returned to you. This period has been reduced to just 30 days following the filing of the above mentioned forms.

Finally, a sensible change to how overpaid taxes are handled. Next maybe they’ll see to fixing the issues with the Council Taxes and the related lawsuits that’ve been flooding the courts.

If you need assistance with claiming your tax repayments, do not heistate to get in touch with us.

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