Reclaiming tax on PPI refund
mjane_2
Posts: 2 Newbie
how do get get the tax back that i paid on a PPI refund?
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If you are a "worker" who completes a self assessment tax return you just need to include the PPI interest and tax deducted on your return as you would with any other interest and any refund due will come back to you when you send your tax return to HMRC.0
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Moneyineptitude wrote: »
However, as you are working illegally, I'm not sure that's such a wise idea.
There's nothing "illegal" about being paid cash in hand.
Indeed the DWP's own site advertises some such jobs.
Although you may wish to report an employer who you suspect isn't paying tax or NICs: www.gov.uk/report-cash-in-hand-pay
Whilst the Taylor Review did recommend abolishing cash in hand, both the Govt and Select Committee rejected the same given the reliance on cash by groups such as childminders, cleaners, window cleaners, gardeners, handymen, paperboys and those in rural areas without banks or internet access.Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0 -
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Moneyineptitude wrote: »There is if the "employee" is not on the official payroll (or also claiming government benefits).
As we don't know either way, my advice that the OP might not want to bring this to the attention of HMRC still stands..
You admit you don't know...yet you assert the OP's "working illegally."
If the employer is avoiding tax & NICs, then yes, that is them acting unlawfully.
Nor would it be 'illegal' for the OP to claim Tax Credits or Universal Credit and be on a low income [the only exception being benefit fraud - but of course, there's no evidence of that by the OP either!]Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0 -
Equally, you don't know that the opposite is the case, of course.You admit you don't know...yet you assert the OP's "working illegally.
The other thread from which the information is gleaned reached a similar dead end.
As already stated, my comment that the OP might not want to bring this to the attention of HMRC will stand..0 -
But if you are a "worker" who does (or should) complete self assessment returns then form R40 does not apply to you.0
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I finally managed to claim back under Plevin from EGG/Barclaycard. However the letter and enclosed cheque was apparently sent to my old address. When I eventually found this out (by putting in repeat claims) the advisor has now arranged for it to be paid direct into my bank account. There was a £61.63 deduction for income tax on the Statutory Compensation amount of £308.16. Date of the award letter was 24 February 2018. We are now in a new tax year where my income is state pension only. My income for the previous year was much higher as I was still working and paying tax. Should I try to claim back the £61.63 tax by treating the £308.16 as income for this current tax year or not? Grateful for any advice..:hello:0
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Should I try to claim back the £60 tax as income for this year or not?
I doubt anyone on here is going to encourage fraud.
But basic rate taxpayers can receive a maximum of £5,999 in taxable interest and be charged a 0% tax rate on it. Even if you were paying higher rate tax you can get £500 taxed at 0%.
Tax of £60 indicates gross interest of £300 so highly likely no tax is due to be paid on it. This assumes you don't have any other interest and didn't have income of £150k+ last year.0
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