How many ppi claims for same tax year

stingray_316

i am really struggling on what to do on claiming ppi tax deductions back on the R40 form on line and could do with some help and advice.
Also l received 5 ppi payments for 2019/ 2020 so do l put all these down on one R40 form or each ppi on separate forms.
Do l put details on section 3 of the form and what is needed , sorry but l have no idea what to do.
     

Dazed_and_C0nfused

stingray_316 said:

i am really struggling on what to do on claiming ppi tax deductions back on the R40 form on line and could do with some help and advice.
Also l received 5 ppi payments for 2019/ 2020 so do l put all these down on one R40 form or each ppi on separate forms.
Do l put details on section 3 of the form and what is needed , sorry but l have no idea what to do.
     

An R40 is a simple tax return used to declare all your taxable income for a particular tax year.

You would never complete more than one R40 for a single tax year.

You don't include PPI refunds on an R40, just the statutory interest paid alongside the PPI refund.

You need the gross amount, tax deducted and net amount.

Which might look something like this,

Gross interest £350
Tax deducted £70 (20% of the gross interest)
Net interest £280 (gross amount less tax deducted)

stingray_316

Thanks for replying as l find this quite confusing, here is one ppi final settlement offer . So what figures off this do l put onto the R40 form , and then on the other ppi settlements l add all together on the one form is this correct..🤔

stingray_316

Ok so i think i have done the ppi details wanted and added up the total gross interest , total tax deductions and total net interest for all the ppi for the year l am claiming for,
l have been online and the first box in the interest section mentions ppi and to put total net interest , the other two boxes underneath do not mention ppi so do l put in these boxes tax deductions in one and gross interest in the other or is net interest all that is needed ..   

Dazed_and_C0nfused

stingray_316 said:

Thanks for replying as l find this quite confusing, here is one ppi final settlement offer . So what figures off this do l put onto the R40 form , and then on the other ppi settlements l add all together on the one form is this correct..🤔

The gross interest is £721.98

The tax deducted is £144.40

And yes you add together all the interest (and tax) received in the same tax year.

Dazed_and_C0nfused

stingray_316 said:

Ok so i think i have done the ppi details wanted and added up the total gross interest , total tax deductions and total net interest for all the ppi for the year l am claiming for,
l have been online and the first box in the interest section mentions ppi and to put total net interest , the other two boxes underneath do not mention ppi so do l put in these boxes tax deductions in one and gross interest in the other or is net interest all that is needed ..   

There are 3 boxes relating to taxed interest, gross, tax and net.  You have to complete all three.  They are not PPI specific, it could be any taxed interest.  Although most taxed interest tends to be paid in connection with PPI refunds these days.

You enter any normal interest from banks or building societies in the single untaxed interest box

dunstonh

Don't forget to include all interest earned in the tax year.  This includes savings accounts.  Basically, its the correct details for everything in that tax year.