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PPI and tax
VeeBee01
Posts: 3 Newbie
I received just over £5K with the help of MSE, when they sent me the cheque they said I had to declare it to the tax office. I complete a Self assessment - do I have to declare it and if so which section?
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I received just over £5K with the help of MSE, when they sent me the cheque they said I had to declare it to the tax office. I complete a Self assessment - do I have to declare it and if so which section?
You only have to declare the 8% standard interest part, this is taxable at whatever your tax rate is whether it be 20% or 40%Successes
Sainsbury's/BOS £6,400 Paid
MBNA £3,600 Paid0 -
Don't forget when completing your self assessment to claim any expenses you incurred on making this claim.
It should be possible to carry this over to next years coding being so close to January 31st ,
however for peace of mind why not sort it on this years round0
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