We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Please Help
Mark_N_Ems
Posts: 1 Newbie
I work for a large high street bank, i took a further advance on my mortgage of £10k on the staff rate, which I repaid after 6 months when we re-mortgaged to another lender. The tax office are now saying I owe them £1300 which seems like rather a lot. The tax office and my employers are being of no help explaining why I owe so much, would have been cheaper not to have had the staff rate!!!! Can anyone help explain why I am being penalized, the company in question are not the best payers and the benefits they give us are meant to improve the overall pay package!!
Very distressed.
Very distressed.
0
Comments
-
I would have thought you may be being taxed on the difference between the amount paid at the staff rate of intereest and the amount which would have been due on the best "commercial" rate available from the same institution.
No doubt someone with real knowledge will be along soon ......0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards