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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?
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Comments
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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
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