Reclaim Tax 18 March 2022 at 7:48PM in Reclaim PPI & other insurance 3 replies 73 views

declan199210

Hi,

I’ve recently had a redress payment from Moneybarn .

The interest was around 2.5k on the redress payment.

so I paid around £500 in tax. Now I’m just wondering , can I claim this back at the end of the tax year?

if I do so, is it a R40 form and is there any supporting documentation I need to provide ?

regards

declan 

Dazed_and_C0nfused

You may be able to claim some or all of the tax back.

It depends what other taxable income you have in the same tax year.

Do you usually complete Self Assessment returns?

Roughly how much will your P60 show you have earned in the 2021:22 tax year?

Roughly how much other interest (ignoring ISA's) will you receive in 2021:22?

declan199210

Dazed_and_C0nfused said:

You may be able to claim some or all of the tax back.

It depends what other taxable income you have in the same tax year.

Do you usually complete Self Assessment returns?

Roughly how much will your P60 show you have earned in the 2021:22 tax year?

Roughly how much other interest (ignoring ISA's) will you receive in 2021:22?

Hi,

thanks for your reply !

I never had done a self assessment return.

I earn by paye, and I expect my earnings to be roughly 45/46k on my p60 for this tax year.

I don’t receive any other interest for this tax year.

cheers 

Dazed_and_C0nfused

declan199210 said:

Dazed_and_C0nfused said:

You may be able to claim some or all of the tax back.

It depends what other taxable income you have in the same tax year.

Do you usually complete Self Assessment returns?

Roughly how much will your P60 show you have earned in the 2021:22 tax year?

Roughly how much other interest (ignoring ISA's) will you receive in 2021:22?

Hi,

thanks for your reply !

I never had done a self assessment return.

I earn by paye, and I expect my earnings to be roughly 45/46k on my p60 for this tax year.

I don’t receive any other interest for this tax year.

cheers 

Then you are likely to be due a refund of £198 (£200 overpaid on the interest less £2 most people on PAYE owe each year which is ignored until you claim anything back).

You need to submit form R40 to HMRC once you have your P60 details.