succesful claim

blondieb

had a really succesful claim from clydesdale bank, they have repaid all my ppi in full plus interest, they say they have reported this to hmrc, who may want further payment, have i not allready paid tax on this when i received my monthly salary, will hmrc want a payment if so roughly how much do they take, i got 16000 of the bank and 4000 ids interest, i was using this to pay of all my debts and still would have approx 7 grand spare any ideas

dilus

blondieb wrote: »

had a really succesful claim from clydesdale bank, they have repaid all my ppi in full plus interest, they say they have reported this to hmrc, who may want further payment, have i not allready paid tax on this when i received my monthly salary, will hmrc want a payment if so roughly how much do they take, i got 16000 of the bank and 4000 ids interest, i was using this to pay of all my debts and still would have approx 7 grand spare any ideas

It sounds like the bank have paid it Gross which means you have to pay tax on it. As soon as you receive it you should inform HMRC and they will adjust your tax code to pay it over the remainder of the financial year. You only pay tax on the interest

blondieb

thanks, so any idea of how much roughly hmrc would want
thanks

dilus

blondieb wrote: »

thanks, so any idea of how much roughly hmrc would want
thanks

If you are a basic rate tax payer 20% of the £4,000 = £800

blondieb

yes thanks basic rate tax payer thru paye, thanks for all your help, at least i know maybe best to pay it to hmrc as a lumper, do they contact me for this, or is it best to ring them im aware of how incompetent they are beeing portrayed in the newspapers etc, so am i best to wait and get a bill of them or just pay up, never had to do owt like this before

thanks again

dilus

blondieb wrote: »

yes thanks basic rate tax payer thru paye, thanks for all your help, at least i know maybe best to pay it to hmrc as a lumper, do they contact me for this, or is it best to ring them im aware of how incompetent they are beeing portrayed in the newspapers etc, so am i best to wait and get a bill of them or just pay up, never had to do owt like this before

thanks again

As soon as you have the money from the bank in your account phone HMRC and let them know you have received the interest payment of £4,000 and you can either pay it in one lump or have your tax code altered. The HMRC will already be aware of it but you must phone them, if you don't they can fine you more than the £800
Well done on the success by the way :T

blondieb

and just one more daft question, hmm were do i find out who my hmrc office is, ive never had any contact with them previous, will it be on my p60
thanks again

dilus

blondieb wrote: »

and just one more daft question, hmm were do i find out who my hmrc office is, ive never had any contact with them previous, will it be on my p60
thanks again

http://search2.hmrc.gov.uk/kbroker/hmrc/contactus/start.jsp