PPI & tax - any experience?

Debtfree2018_2

Good morning all

Quick question.

I have just received my offer on three different account, around £520, not a huge amount.

However without this site I wouldn't have claimed at all and it will pay for Christmas presents.

Anyway in the letter it says, you have tax on the statuary interest, which is fine, but it pays only 20%.

They say that if you think you should be paying more or less tax get in touch with HMRC, has anyone else experience doing it?

Thanks so much!

[Deleted User]

I wouldn't worry too much if you think you should be paying more and only get in touch if you are a non tax payer and want a full refund.
It's a simple matter to apply for a refund (just go to HMRC website) but don't expect it to be immediate.

Insider101

Moneyineptitude wrote: »

I wouldn't worry too much if you think you should be paying more and only get in touch if you are a non tax payer and want a full refund.
It's a simple matter to apply for a refund (just go to HMRC website) but don't expect it to be immediate.

The OP would only be paying more if he/she is a higher rate taxpayer. If this is the case the he/she should account for it on their personal tax return.

Debtfree2018_2

Insider

I do pay a higher tax rate, but I never do my forms, as I'm employed by a company not self employed.

Would a phone call suffice?

Thank you

[Deleted User]

I'm sure HMRC will catch up with you regardless

Insider101

Debtfree2018 wrote: »

Insider

I do pay a higher tax rate, but I never do my forms, as I'm employed by a company not self employed.

Would a phone call suffice?

Thank you

How do you account for the interest paid on your bank account, or any dividends on shares? Bank account interest is only taxed at 20% at source but is subject to higher rate tax. If you just advise HMRC and let them deduct it by adjustment to your tax code then probably best to do that.