Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 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!
High Rate Tax Payer
michdeb
Posts: 6
Forumite
I'm a high rate tax payer but my PPI refund was taxed at 20%. I've not earned £500 in interest this year, so can I get this back or will HMRC just add more tax and say I hadn't paid enough?
0
Comments
-
Speak to HMRC and find out as they will have your full tax picture in front of them.helpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)0 -
As always with tax it all about the detail.
You could easily be due a tax refund. And just as easily owe additional tax.
Say you have received £150 in untaxed interest and £600 in taxed interest (£120 tax deducted by the PPI company).
This £750 in interest would be taxed,
£500 x 0% = £0.00
£250 x 40% = £100.00
Total tax due £100.00
Total tax paid £120.00
Tax overpaid £20.00
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 264K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards