Is there a way to calibrate screen - Huawei Ascend Y550 so I had a quick look on Google for a solution to this, to no avail. So I thought the next best place to ask would be here.

I find that I have to press about 0.5cm above whatever I want to press in order to actually press it, so I was wondering if there was a way to calibrate the screen. And there was nothing in the options, that I could see.

Although this isn't the biggest issue in the world, it is a little annoying.
Most phones do not have screen calibration routines. If it's always been off it likely is defective or poorly made. If it has gotten worse you might try a factory reset (but you'll lose all your data, apps, config, etc.). If the phone is still under warranty you might try getting it replaced.