Having issues Reclaiming tax on ppi refund in 2016.

Lungo555

Hi all,
new to this forum and was wondering if anyone had the same issues.
I have filled formR40 online for a refund on tax on ppi as I was not working in that tax year (2016) and I received via a post saying ‘I need to give more information on full details of income you received or tax that was taken off this income.’
i then resent the form online with the ppi refund in box and received the same letter.
tried to call a few times but always in a queue, I give up after waiting an hour as home schooling.
was wondering if anyone else had same issues when reclaiming tax on ppi when off work that year of refund?

I missed out on the ppi tax refund for 2015, don’t want to miss on 2016.

Regards

Gadget_Dave

Hi Martin, I’m trying to claim the tax back on my ppi payouts. I know I paid tax on both ppi payouts I had since 2016 and at 20% of the total amount. I don’t have the statements with the ppi breakdown, how do I know how much tax I should have paid? also how much I’d be due back? I am paid a private pension which I pay tax on and also work part time also paying tax at 20%. I’ve tried to fill in the R40 form section 3.1 is stumping me as I don’t know how much interest was paid on the ppi payouts, and therefore the breakdown of the various components of the claim. Any idea what I should do to follow this through? Any help appreciated. Subscriber Chesterfield

Dazed_and_C0nfused

Lungo555 said:

Hi all,
new to this forum and was wondering if anyone had the same issues.
I have filled formR40 online for a refund on tax on ppi as I was not working in that tax year (2016) and I received via a post saying ‘I need to give more information on full details of income you received or tax that was taken off this income.’
i then resent the form online with the ppi refund in box and received the same letter.
tried to call a few times but always in a queue, I give up after waiting an hour as home schooling.
was wondering if anyone else had same issues when reclaiming tax on ppi when off work that year of refund?

I missed out on the ppi tax refund for 2015, don’t want to miss on 2016.

Regards

PPI refunds aren't taxable and do not have tax deducted from them.

The statutory interest/compensation paid alongside PPI refunds is taxable and does have tax deducted.

There is no "2016" tax year.  When was the tax deducted?

I suspect you haven't completed the R40 form correctly and that is part of the problem.

What exactly have you entered on the form?

Dazed_and_C0nfused

Gadget_Dave said:

Hi Martin, I’m trying to claim the tax back on my ppi payouts. I know I paid tax on both ppi payouts I had since 2016 and at 20% of the total amount. I don’t have the statements with the ppi breakdown, how do I know how much tax I should have paid? also how much I’d be due back? I am paid a private pension which I pay tax on and also work part time also paying tax at 20%. I’ve tried to fill in the R40 form section 3.1 is stumping me as I don’t know how much interest was paid on the ppi payouts, and therefore the breakdown of the various components of the claim. Any idea what I should do to follow this through? Any help appreciated. Subscriber Chesterfield

Unless you have details of the statutory interest and tax deducted you wont be able to complete the R40 and until you can complete the R40 you can't get a refund.

Have you asked the firm(s) which made the payouts for a breakdown?

You do understand it is one R40 per tax year?

Any refund due will depend on your other taxable income.  If you give details for one tax year, with estimates of the statutory interest and tax deducted, it should be possible to give you an idea of what to expect.

Lungo555

Dazed_and_C0nfused said:

Lungo555 said:

Hi all,
new to this forum and was wondering if anyone had the same issues.
I have filled formR40 online for a refund on tax on ppi as I was not working in that tax year (2016) and I received via a post saying ‘I need to give more information on full details of income you received or tax that was taken off this income.’
i then resent the form online with the ppi refund in box and received the same letter.
tried to call a few times but always in a queue, I give up after waiting an hour as home schooling.
was wondering if anyone else had same issues when reclaiming tax on ppi when off work that year of refund?

I missed out on the ppi tax refund for 2015, don’t want to miss on 2016.

Regards

PPI refunds aren't taxable and do not have tax deducted from them.

The statutory interest/compensation paid alongside PPI refunds is taxable and does have tax deducted.

There is no "2016" tax year.  When was the tax deducted?

I suspect you haven't completed the R40 form correctly and that is part of the problem.

What exactly have you entered on the form?

Hi thanks for the quick response. Tax year 6/4/16-5/4/17 as received ppi refund sept 2016.
filled in personal details. UK employment income was zero as was not working that tax year. Filled in the income tax deduction @ 20% as stated on the breakdown of the ppi refund letter, rest all blank.

when I received the letter stating I missed income, I resent online again but filled in the ppi refund I received in the UK employment box and still received a letter saying I missed income again.

Dazed_and_C0nfused

Dazed_and_C0nfused said:

Lungo555 said:

Hi all,
new to this forum and was wondering if anyone had the same issues.
I have filled formR40 online for a refund on tax on ppi as I was not working in that tax year (2016) and I received via a post saying ‘I need to give more information on full details of income you received or tax that was taken off this income.’
i then resent the form online with the ppi refund in box and received the same letter.
tried to call a few times but always in a queue, I give up after waiting an hour as home schooling.
was wondering if anyone else had same issues when reclaiming tax on ppi when off work that year of refund?

I missed out on the ppi tax refund for 2015, don’t want to miss on 2016.

Regards

PPI refunds aren't taxable and do not have tax deducted from them.

The statutory interest/compensation paid alongside PPI refunds is taxable and does have tax deducted.

There is no "2016" tax year.  When was the tax deducted?

I suspect you haven't completed the R40 form correctly and that is part of the problem.

What exactly have you entered on the form?

Hi thanks for the quick response. Tax year 6/4/16-5/4/17 as received ppi refund sept 2016.
filled in personal details. UK employment income was zero as was not working that tax year. Filled in the income tax deduction @ 20% as stated on the breakdown of the ppi refund letter, rest all blank.

when I received the letter stating I missed income, I resent online again but filled in the ppi refund I received in the UK employment box and still received a letter saying I missed income again.

You aren't going to get a tax refund based on that.

It sounds as though you firstly filed a form showing you paid tax but had no income!

Then you added a job which didn't exist.

PPI refunds aren't taxable so you don't even need to include those.

I don't think you will get anywhere unless you send a clear, unambiguous, letter explaining what your taxable income (and tax deducted) is for that tax year.

You should probably get a move on as well as HMRC may refuse a refund if you haven't made a valid claim by 5 April 2021.

Lungo555

Dazed_and_C0nfused said:

Dazed_and_C0nfused said:

Lungo555 said:

Hi all,
new to this forum and was wondering if anyone had the same issues.
I have filled formR40 online for a refund on tax on ppi as I was not working in that tax year (2016) and I received via a post saying ‘I need to give more information on full details of income you received or tax that was taken off this income.’
i then resent the form online with the ppi refund in box and received the same letter.
tried to call a few times but always in a queue, I give up after waiting an hour as home schooling.
was wondering if anyone else had same issues when reclaiming tax on ppi when off work that year of refund?

I missed out on the ppi tax refund for 2015, don’t want to miss on 2016.

Regards

PPI refunds aren't taxable and do not have tax deducted from them.

The statutory interest/compensation paid alongside PPI refunds is taxable and does have tax deducted.

There is no "2016" tax year.  When was the tax deducted?

I suspect you haven't completed the R40 form correctly and that is part of the problem.

What exactly have you entered on the form?

Hi thanks for the quick response. Tax year 6/4/16-5/4/17 as received ppi refund sept 2016.
filled in personal details. UK employment income was zero as was not working that tax year. Filled in the income tax deduction @ 20% as stated on the breakdown of the ppi refund letter, rest all blank.

when I received the letter stating I missed income, I resent online again but filled in the ppi refund I received in the UK employment box and still received a letter saying I missed income again.

You aren't going to get a tax refund based on that.

It sounds as though you firstly filed a form showing you paid tax but had no income!

Then you added a job which didn't exist.

PPI refunds aren't taxable so you don't even need to include those.

I don't think you will get anywhere unless you send a clear, unambiguous, letter explaining what your taxable income (and tax deducted) is for that tax year.

You should probably get a move on as well as HMRC may refuse a refund if you haven't made a valid claim by 5 April 2021.

Yes, that was my thoughts too. It’s why I tried to call them numerous times to explain the situation and why I took the time off work and able to afford to do that via hard savings we had.
The online R40 is not the same as the printed form so may try and call again.