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    • 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
    • 1,492 Posts
    • 621 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.
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