We're aware that some users are experiencing technical issues which the team are working to resolve. 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!

R40 Help

Options
I'm trying to submit an R40 for PPI refund in FY 18/19
The sum recieved in statutory  interest was £1388,  so 20% will be payable on the 388 I believe but I'm really confused as to what information to put in the boxes on net interest paid by banks etc, is that to me or HRMC? 
Make £2023 in 2023 (#36) £3479.30/£2023

Make £2024 in 2024...

Comments

  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    The total amount of interest you earn from all sources in the tax year should be in that box.  So, that would include not just the PPI redress interest element but also bank and building society accounts and non-ISA interest bearing investments.
  • Thank you, I didn't earn any other interest that year. 
    I was quite smug as I thought I'd be getting more back than my Husband but as he was a non tax payer that year I think he might come up trumps.
    Make £2023 in 2023 (#36) £3479.30/£2023

    Make £2024 in 2024...
  • As no tax is usually actually payable on interest in 2018:19 until you have at least £17,851 taxable income then it is quite possible you will get the same refund.

    But if you earning at £16,850 from your job then you will probably only get £195-£200 back.

    That assumes the £1,388 interest was how much you each got.
  • My refund was larger than his, I think the interest was around £2300 meaning  £468 deducted for tax, so  I need to pay tax on around £1300 so I think I will get £200* back. 

    * Maths is not my strong point 
    Make £2023 in 2023 (#36) £3479.30/£2023

    Make £2024 in 2024...
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 17,451 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 14 February 2020 at 8:24PM
    It does depend on your taxable salary but if that was more than £16,850 then chances are it would be about £200 yes.
  • My taxable salary was above that, oh well it will be a bit extra for my holiday fund.
    Make £2023 in 2023 (#36) £3479.30/£2023

    Make £2024 in 2024...
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.6K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.