Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • klmsmum
    • By klmsmum 13th Jul 17, 9:03 PM
    • 1Posts
    • 0Thanks
    R40 form ppi/payday loans refund
    • #1
    • 13th Jul 17, 9:03 PM
    R40 form ppi/payday loans refund 13th Jul 17 at 9:03 PM
    Could anyone advise me please I have received Ppi refunds and payday loans refunds I work but don't earn enough to pay tax can I claim anything back from Hmrc some have been taxed and some say interest Thankyou
Page 1
    • Dazed and confused
    • By Dazed and confused 13th Jul 17, 9:38 PM
    • 1,706 Posts
    • 743 Thanks
    Dazed and confused
    • #2
    • 13th Jul 17, 9:38 PM
    • #2
    • 13th Jul 17, 9:38 PM
    An R40 is like a simple self assessment return.

    You declare all of your taxable income such as wages, pensions and interest and HMRC calculate any tax refund based on your total income.

    As you don't earn enough to pay tax on your wages you are likely to be able to have the first £6,000/ year of interest taxed at 0%.

    So if your interest, including the gross amount of interest received from your PPI claim, is less than £6,000 then chances are you will be entitled to all of the tax deducted back.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,570Posts Today

7,433Users online

Martin's Twitter
  • RT @KCMurdarasi: @MartinSLewis Only 2 fluently, but I can struggle by in another 5 or so. And ask the way to the toilet in about 10 - you d?

  • Today's twitter poll: How many languages do you speak (inc Eng) with reasonable fluency (eg can have decent phone chat solely in that lang)

  • RT @iiSteveJonesii: @MartinSLewis After watching you talk this morning about me burning £300 I got on a comparison site tonight & sure enou?

  • Follow Martin