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Tax Refund on PPI
vickiek
Posts: 2 Newbie
Hi all, hoping someone can make this a bit clearer for me please. I had a PPI claim pay out and the bank paid the 20% tax. As advised I put a R40 claim form in then recently got a reply saying I have underrated and now owe hmrc. They plan to deduct from my wages over 12 payments so not too much hardship but definitely not the refund I was hoping for lol. I just wonder now if maybe I have given duff info on the forms and don't want to query it with HMRC in case they fund more money I owe 😁😁
Just any help in whether this is usual or not?
Thanks in advance xx
Just any help in whether this is usual or not?
Thanks in advance xx
0
Comments
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Which figure did you put on the R40 form? Have you mistakenly put the total refund you received - you should only be declaring the Interest Element of the refund.
Are you normally a Higher Rate Taxpayer or is your income close to the HRT threshold
0 -
Ah I think that is it!!! Thank you so much, feel a lot better calling the HMRC tomorrow.0
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