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PPI interest claim back suucessful now HRMC saying I owe them
heather66
Posts: 81 Forumite
I successfully claimed back the tax on my two PPI claims from 2019 the PPi was around £5000 in total tax refunded was less than £500.
but both together were nowhere near £12.500 yet when i checked online it says i owe £179 for the year 2019/2020
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Comments
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What figure did you put, the interest and PPI refund?Mortgage started 2020, aiming to clear 31/12/2029.0
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PPI refunds aren't taxable and do not have tax deducted.
If you told HMRC about the PPI refund you have seriously wrong.
Statutory interest paid alongside the PPI refund is taxable and does have tax deducted.
What exactly did you declare on the R40?
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I put the tax paid which is round about the figure they refunded me i didn't give the full details of ammount of PPI payout0
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i put the gross interest / tax / net interest paid
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What figures did you declare?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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