We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
P11d value taxed twice through tax credits and PAYE tax code?
Options
Mattc555
Posts: 5 Forumite
Sorry if this sounds like a silly question but ...
I have a low cost loan from work which, naturally impacts on my tax coding. I think last year the benefit was worth about £1500 so I am more than happy to pay 20% tax (£300) on that.
However, I am also required to declare the same figure in our tax credit claim, so in my opinion, our tax credit claim is being reduced by the same amount.
Have I misunderstood the system, or am I really paying £600 tax on a £1500 benefit?
I would greatly appreciate it if someone can clear this up for me because I just get stonewalled by the operators on the helpline and they just tell me it needs to be declared (so perhaps my question is pretty silly?). Thanks
I have a low cost loan from work which, naturally impacts on my tax coding. I think last year the benefit was worth about £1500 so I am more than happy to pay 20% tax (£300) on that.
However, I am also required to declare the same figure in our tax credit claim, so in my opinion, our tax credit claim is being reduced by the same amount.
Have I misunderstood the system, or am I really paying £600 tax on a £1500 benefit?
I would greatly appreciate it if someone can clear this up for me because I just get stonewalled by the operators on the helpline and they just tell me it needs to be declared (so perhaps my question is pretty silly?). Thanks
0
Comments
-
oops wrong forum!!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards