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Halifax Rewards - gross or net?
Comments
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How do these people get jobs in the financial sector?MegaMiniMouse wrote: »There's good news, and there's bad news...
The good news is that I received a call around 0930 this morning in response to the emailed 'complaint' which I sent yesterday afternoon.
The bad news is that the lady who called me hadn't actually bothered to read the email before calling.
The good news is that after I repeated the contents of my email to her, she admitted that she didn't really have a clue, but that she would call me back.
The bad news is that she didn't even seem to know anything at all about how the Rewards account works.
The good news is that she called me back within 30 minutes.
The bad news is that she still didn't have a clue about the tax liability which is attached to the monthly Reward - she simply repeated the mantra that the Reward payments are not interest payments, and £5 a month is all I can get. I tried to explain that it would be much simpler for me to receive my Rewards gross of tax, rather than having to trouble HMRC every year for a £15 refund, and I tried to tell her (again) about BritishBloke's situation, but she was completely unable to get her head around what I was saying - she appeared to have the attention span of a goldfish.
The good news is that she called me for a third time in order to tell me that she had had further discussions with her colleagues.
The bad news is that her advice was that I would possibly be able to increase my monthly £5 Reward to £6.25 if I were to phone up HMRC on a monthly basis.
LOLCredit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
The guy who switched you onto gross payments will probably go far - he appears to have a working brain...thebritishbloke wrote: »How do these people get jobs in the financial sector?0 -
MegaMiniMouse wrote: »The guy who switched you onto gross payments will probably go far - he appears to have a working brain...
He'll be in for a severe b******g as he is not entitled or employed to ignore T&Cs that exist for a reason.0 -
It takes all sorts to make a world - successful players in the banking world are not particularly well-known for their tendency to follow the rules...Archi_Bald wrote: »He'll be in for a severe b******g as he is not entitled or employed to ignore T&Cs that exist for a reason.0 -
You need to distinguish between successful ones, and those that break laws. The latter will sooner or later not figure in the finance world, or in any business.
As has been mentioned in this thread before, the Halifax T&Cs comply with the law. It's a bit stupid to ignore the law.0 -
Many people would say that there is no difference between the two!Archi_Bald wrote: »You need to distinguish between successful ones, and those that break laws0 -
Well there is a link somewhere above regarding "the law" but it's labelled as complicated so I can't be arsed to read that. The summary says that the reward payments are "subject to income tax", which has no bearing on when that tax is taken. It seems a bit daft to not allow it to be paid in as gross rather than net, especially since claiming it back just adds to the amount of paperwork HMRC have to go through every April-June. After all, that's why they allow interest payments to be paid as gross directly.
I have filled out an R40 to claim back some piddly amounts before (including Halifax Reward payments) and I wonder if they bothered to do any checks considering it almost certainly would've been cheaper to just pay me what I said I was owed rather than checking what I'd claimed, lol.0 -
Something just occurred to me (the hamster in my head must have had a sleepless night!).
When I complete my R40 form in order to reclaim the tax which Halifax has paid on my Reward payments, will I also be able to claim a further £25 in respect of the £100 which Halifax paid me to switch? Will the £100 switch reward appear on Halifax's annual statement of payments made?0 -
MegaMiniMouse wrote: »Something just occurred to me (the hamster in my head must have had a sleepless night!).
When I complete my R40 form in order to reclaim the tax which Halifax has paid on my Reward payments, will I also be able to claim a further £25 in respect of the £100 which Halifax paid me to switch? Will the £100 switch reward appear on Halifax's annual statement of payments made?
No because the switch incentive isn't taxed.0 -
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