PPI TAX RECLAIM am I too late ?
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VeronicaRose
Posts: 4 Newbie
Hello,
In July 2019, I received repayment of money paid to a PPI company and understand I can reclaim the taxed element of that payment (approx £460) from HMRC.
In 2019/20 I received notification from HMRC that I did not have to complete another self assessment (unless my circumstances changed).
Is it too late to claim for 2019?
Kind regards and many thanks in anticipation of your help.
In July 2019, I received repayment of money paid to a PPI company and understand I can reclaim the taxed element of that payment (approx £460) from HMRC.
In 2019/20 I received notification from HMRC that I did not have to complete another self assessment (unless my circumstances changed).
Is it too late to claim for 2019?
Kind regards and many thanks in anticipation of your help.
0
Comments
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No, you have 4 tax years including current one to claim back the tax
It seems you are switched on but just in case, remember you are only taxed on the interest element of the PPI not the refund itself - so you can put in a claim for the tax on that interest (along with any other earnings of interest you had in the year)
See https://blog.moneysavingexpert.com/2019/04/martin-lewis--had-a-ppi-payout---if-so-you-can-reclaim-the-tax-o/ just in case1 -
Are you expecting a refund of £460 for the 2019:20 tax year?
If so why do you think you would be entitled to the full £460 back?
NB. You may be due it all back but most people who post on here do not understand taxation of interest.1 -
Dazed_and_C0nfused said:Are you expecting a refund of £460 for the 2019:20 tax year?
If so why do you think you would be entitled to the full £460 back?
NB. You may be due it all back but most people who post on here do not understand taxation of interest.
I used to be a basic rate taxpayer.
I have not earned anything from 2015 onwards due to caring for my mother and lived on my savings (all unplanned and all a bit of a shocker). I was not even able to claim for carers allowance due to my savings! So, I have paid no tax since 2016, but each year have completed a SelfAss to declare my savings interest which varied each year dwindling from £500 to £peanuts
The bank repaying the PPI issued a statement to say they had taken £460 for tax purposes. Am I able to claim full amount? I naively thought I would be0 -
Yes.
What tax year was the last Self Assessment return you completed for?1 -
Dazed_and_C0nfused said:Yes.
What tax year was the last Self Assessment return you completed for?0 -
Then you should be ok to use the R40 form to make the claim for 2019:20.
The R40 is just a simple tax return so as someone who had completed Self Assessment returns it should be a doddle for you0 -
I wish !! Thank you for your help. Have a great summer...!
Dazed_and_C0nfused said:Then you should be ok to use the R40 form to make the claim for 2019:20.
The R40 is just a simple tax return so as someone who had completed Self Assessment returns it should be a doddle for you1
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