PPI Reclaiming Discussion Part 5

Insider101

aayush wrote: »

quick question if you get compensation and not working can you reclaim the tax and if so how ?

Yes, you need to speak to your local HMRC office but will need to wait until the end of the tax year you received the payment.

evanowen

Insider101 wrote: »

Yes, you need to speak to your local HMRC office but will need to wait until the end of the tax year you received the payment.

Or tell the firm to pay you the full amount and provide a certificate?

Insider101

evanowen wrote: »

Or tell the firm to pay you the full amount and provide a certificate?

You can't do that anymore. New HMRC regulations brought in last October require them to deduct basic rate tax from everyone. Non taxpayers then have to reclaim it at the end of the tax year.

evanowen

Insider101 wrote: »

You can't do that anymore. New HMRC regulations brought in last October require them to deduct basic rate tax from everyone. Non taxpayers then have to reclaim it at the end of the tax year.

Wonderful. What happens when the firm goes bust before they pay the tax to HMRC?

[Deleted User]

evanowen wrote: »

What happens when the firm goes but before they pay the tax to HMRC?

When the firm "goes out" where exactly?

Basically the tax is paid by the Bank and the recipient of the redress then has to reclaim it from HMRC if they are not taxpayers.

evanowen

Moneyineptitude wrote: »

When the firm "goes out" where exactly?

Basically the tax is paid by the Bank and the recipient of the redress then has to reclaim it from HMRC if they are not taxpayers.

Sarcasm...

It was supposed to be "bust", I had finger trouble, is that OK?

Forget about "Bank" and think "Firm" which is the term I used.

[Deleted User]

evanowen wrote: »

Sarcasm..

Not at all, just seeking clarification of an unclear post..

evanowen

Moneyineptitude wrote: »

Not at all, just seeking clarification of an unclear post..

You can't make something clearer by using an incorrect interpretation of what was said.

So, what happens when the firm goes bust before paying HMRC the tax it deducted?

matt1517

hello,just a quick question.

7 years ago i took out a loan of £3000 with natwest to buy a car,i paid back £4200 in total and a year early. i was told i should take out insurance on the loan incase i lose my job etc,this cost me £550.

does this count as missold ppi or not? and would it be worth making a claim if so? thanks

evanowen

Depends on your circumstance at point of sale.