Overpaid - by £120,958!! Overnight Investment suggestions??

the_postman_2

Bubble16 wrote:

What, you are going to nick half my money and dump me????!!!!! :-)

yep! Every man for himself mate. Gotta run, coppers are on to me

JasonW_2

If you give me the money I'll give you back £500k in a few days. I promise*

*This product is meant for educational purposes only. Any resemblance to real persons, living or dead is purely coincidental. Void where prohibited. Some assembly required. List each check separately by bank number. Batteries not included. Contents may settle during shipment. Use only as directed. No other warranty expressed or implied. Do not use while operating a motor vehicle or heavy equipment. Postage will be paid by addressee. Subject to CAB approval. This is not an offer to sell securities. Apply only to affected area. May be too intense for some viewers. Do not stamp. Use other side for additional listings. For recreational use only. Do not disturb. All models over 18 years of age. If condition persists, consult your physician. No user-serviceable parts inside. Freshest if eaten before date on carton. Subject to change without notice. Times approximate. Simulated picture. No postage necessary if mailed in the United States. Breaking seal constitutes acceptance of agreement. For off-road use only. As seen on TV. One size fits all. Many suitcases look alike. Contains a substantial amount of non-tobacco ingredients. Colors may, in time, fade. We have sent the forms which seem right for you. Slippery when wet. For office use only. Not affiliated with the American Red Cross. Drop in any mailbox. Edited for television. Keep cool. process promptly. Post office will not deliver without postage. List was current at time of printing. Return to sender, no forwarding order on file, unable to forward. Not responsible for direct, indirect, incidental or consequential damages resulting from any defect, error or failure to perform. At participating locations only. Not the Beatles. Penalty for private use. See label for sequence. Substantial penalty for early withdrawal. Do not write below this line. Falling rock. Lost ticket pays maximum rate. Your canceled check is your receipt. Add toner. Place stamp here. Avoid contact with skin. Sanitized for your protection. Be sure each item is properly endorsed. Sign here without admitting guilt. Slightly higher west of the Mississippi. Employees and their families are not eligible. Beware of dog. Contestants have been briefed on some questions before the show. Limited time offer, call now to ensure prompt delivery. You must be present to win. No passes accepted for this engagement. No purchase necessary. Processed at location stamped in code at top of carton. Shading within a garment may occur. Use only in a well-ventilated are. Keep away from fire or flames. Replace with same type. Approved for veterans. Booths for two or more. Check here if tax deductible. Some equipment shown is optional. Price does not include taxes. No Canadian coins. Not recommended for children. Prerecorded for this time zone. Reproduction strictly prohibited. No solicitors. No alcohol, dogs or horses. No anchovies unless otherwise specified. Restaurant package, not for resale. List at least two alternate dates. First pull up, then pull down. Call toll free before digging. Driver does not carry cash. Some of the trademarks mentioned in this product appear for identification purposes only. Record additional transactions on back of previous stub. Unix is a registered trademark of AT&T. Do not fold, spindle or mutilate. No transfers issued until the bus comes to a complete stop. Package sold by weight, not volume. Your mileage may vary. This article does not reflect the thoughts or opinions of either myself, my company, my friends, or my cat. Don't quote me on that. Don't quote me on anything. All rights reserved. You may distribute this article freely but you may not make a profit from it. Terms are subject to change without notice. Illustrations are slightly enlarged to show detail. Do not remove this disclaimer under penalty of law. Hand wash only, tumble dry on low heat. Do not bend, fold, mutilate, or spindle. No substitutions allowed. For a limited time only. This article is void where prohibited, taxed, or otherwise restricted. Caveat emptor. Article is provided "as is" without any warranties. Reader assumes full responsibility. An equal opportunity article. No shoes, no shirt, no articles. quantities are limited while supplies last. If any defects are discovered, do not attempt to read them yourself, but return to an authorized service center. Read at your own risk. Parental advisory - explicit lyrics. Text may contain explicit materials some readers may find objectionable, parental guidance is advised. Keep away from sunlight. Keep away from pets and small children. Limit one-per-family please. No money down. No purchase necessary. You need not be present to win. Some assembly required. Batteries not included. Instructions are included. Action figures sold separately. No preservatives added. Slippery when wet. Safety goggles may be required during use. Sealed for your protection, do not read if safety seal is broken. Call before you dig. Not liable for damages arising from use or misuse. For external use only. If rash, irritation, redness, or swelling develops, discontinue reading. Read only with proper ventilation. Avoid extreme temperatures and store in a cool dry place. Keep away from open flames. Avoid contact with eyes and skin and avoid inhaling fumes. Do not puncture, incinerate, or store above 120 degrees Fahrenheit. Do not place near a flammable or magnetic source. Smoking this article could be hazardous to your health. The best safeguard, second only to abstinence, is the use of a condom. No salt, MSG, artificial color or flavoring added. If ingested, do not induce vomiting, and if symptoms persist, consult a physician. Articles are ribbed for your pleasure. Possible penalties for early withdrawal. Offer valid only at participating sites. Slightly higher west of the Rockies. Allow four to six weeks for delivery. must be 18 to read. Disclaimer does not cover misuse, accident, lightning, flood, tornado, tsunami, volcanic eruption, earthquake, hurricanes and other Acts of God, neglect, damage from improper reading, incorrect line voltage, improper or unauthorized reading, broken antenna or marred cabinet, missing or altered serial numbers, electromagnetic radiation from nuclear blasts, sonic boom vibrations, customer adjustments that are not covered in this list, and incidents owing to an airplane crash, ship sinking or taking on water, motor vehicle crashing, dropping the item, falling rocks, leaky roof, broken glass, mud slides, forest fire, or projectile (which can include, but not be limited to, arrows, bullets, shot, BB's, shrapnel, lasers, napalm, torpedoes, or emissions of X-rays, Alpha, Beta and Gamma rays, knives, stones, etc.). Other restrictions may apply.

cdon

Won't the Inland Revenue be wanting the higher rate tax as well? Surely, this needs to be sorted out by the company and not by you handing over a cheque.

chickadee

ctm wrote:

While your payslip shows they have paid a huge chunk off of your student loan, it is highly unlikely that thay have actually apid the money over to the SLC yet, and also quite likely that the normal PAYE deductions for TAX and NI have been paid over yet.

All that is needed on their part is to issue a revised payslip showing the correct amounts, adjust their payroll to show the correct amounts, then you pay back the difference.

I don't think it's anywhere near as bad as some people are thinking it is. So, before writing letters etc I would check the above points with the payroll people.

I agree ctm. There are errors made on payrolls every day. What your company will do is to run a supplementary payroll (a way of doing a payroll adjustment) and they will pay over the right amount to HMRC in respect of your tax, NI and student loan. All of these doom-mongerers are a bit mistaken. Even HMRC aren't stupid. They know that unless you are a premiership footballer it is unlikely that you would be paid that amount. The company have probably asked you for a cheque because they are too late to stop the BACS payment that is winging its way into your bank account as we speak. I would go and speak to the payroll department. They will issue you with a new payslip, you give them a cheque and it is sorted! You really don't need to be worrying about solicitors, etc. To be honest, someone in payroll should be fired over this. Even with a new payroll system in place, the most rudimentary of checks should have stopped this before it got this far. Even just checking the bottom line of the payroll should have been enough.

tamste

Don't know what to do with the money........but I could look after it for you !!!

I have only had one experience with HMRC, and they were very nice to me.
First they told me they would let me off paying the tax I owed them from 3 years ago...about £1000 but I was unaware that I owed them and pay all my tax through PAYE....a long story. After that they sent me a cheque for £100 due to overpaid tax the following year, and I didn't even ask them to look at it.
So whilst they have a reputation, my only dealing with them in 25 years of working was a pleasant and positive experience....and no I don't work for them. p.s. This happened within the last 12 months.

Mikeyorks

Bubble16 wrote:

I On the slightly more serious side of things, one which I don't know what the ongoing effects are going to be, they have also paid £20K off of my student loan, substantially more than the outstanding amount left. All suggestions gratefully received! Thankyou

No .... your payslip reflects that ... but it hasn't happened. If the company are paying your salary tonight - then they won't be paying over the consolidated tax / NI / SLC etc to HMRC, from all their payroll, until sometime in November.

So as posts #8 and #17 - there's nothing to sort out with the Revenue. And you benefit to the tune of £121k in your account until your 'refund' cheque clears.

Bit surprised though that they haven't issued a minus BACS transaction for the erroneous amount - and a positive one for the net salary you're entitled to. But I have seen that go wrong - with the negative getting to the account first. Which could clear your account out if e.g you have DDs going out of your account immediately after pay day.

So .. it's a stupid error to make - but they're probably recovering it in a manner which best leaves you in control .. by giving you a hefty loan for a few days!