PPI Reclaiming successes and failures

dilus

nattajack2000 wrote: »

Thanks for reply, do I inform them or will Halifax Bank (who are refunding me ppi payments etc on 3 loans)? If its up to individuals to inform the HMRC I wonder how many people actually do?! Di x

Yes YOU have to inform them as soon as you receive payment, MAKE SURE YOU DO as they are asking all banks that pay out the 8% gross for details of the people that have been paid. They WILL catch up with anyone not declaring at a later date You might as well pay it whilst you have it

erind

Hi,
Ive just been reading your posts regarding tax. What % of tax do you pay? The 8% simple interest part of my refund is approx £3000. Just wondering how much of that will go to the tax man? Thanks

nattajack2000

erind wrote: »

Hi,
Ive just been reading your posts regarding tax. What % of tax do you pay? The 8% simple interest part of my refund is approx £3000. Just wondering how much of that will go to the tax man? Thanks

Hi, as far as I know if your wage is less than £35,000 then you are in the lower tax bracket and pay 20% tax, if you get more than that then your tax is 40%. So on £3000 20% would be £600. If I am wrong then Im sure someone will put correct info on for you. Di

nattajack2000

dilus wrote: »

Yes YOU have to inform them as soon as you receive payment, MAKE SURE YOU DO as they are asking all banks that pay out the 8% gross for details of the people that have been paid. They WILL catch up with anyone not declaring at a later date You might as well pay it whilst you have it

Thanks, I received 1 cheque yesterday and am awaiting 2 more from Halifax so when I have all 3 I will ring them and give them the info. :cool:

Racheldevon

Hi

I've just had notice that i've successfully claimed £6700 on behalf of my boyfriend, through using the template on here - one letter sent, and they've now sent the cheque through! Thanks for all the advice on the forum

erind

Hi Thanks for reply.
Would I pay that in one lump sum, or over a tax year? Sorry for sounding a bit thick, but Im not really sure.
Thanks Sharon

angelina_balerina

first time on here, got a letter from lloyds in middle of august upholing my claim and saying i wud recieve a cheque which im still waiting on and like every1 else i get different answers. also applied to bank of scotland 8 weeks ago in which i have had a decision and recieved a cheque. how come they can be quick and tsb slow when theyr meant to be owned by the same people.

dilus

erind wrote: »

Hi Thanks for reply.
Would I pay that in one lump sum, or over a tax year? Sorry for sounding a bit thick, but Im not really sure.
Thanks Sharon

You only have to pay tax on it, if it has been paid to you by the bank GROSS, it should state this on you calculation breakdown. If you are not sure ask the bank.
HMRC will adjust your tax code and you will pay it over the remainder of the tax year

nattajack2000

erind wrote: »

Hi Thanks for reply.
Would I pay that in one lump sum, or over a tax year? Sorry for sounding a bit thick, but Im not really sure.
Thanks Sharon

Hi, i think from reading other posts that they will take it over a tax year. If you search the forum for similar posts then that may help. Someone else may reply to your post too to confirm that what I am saying is correct. I'm a novice to this myself so not an expert. Di x

erind

Thankyou for your help.