Reclaim tax ppi on littlewoords

Ftba.d

Hi all

I had a ppi payout in august 2019 from an old littlewoods account from 2005. Would I be able to claim tax back on this ? I just read the article and went via the gateway filling out the R40 form but don’t think that was the correct way in hindsight 

Ftba.d

This is the statement I received when I got the ppi payout 

Dazed_and_C0nfused

Do you mean R40?

If so why might it be wrong?

Did you file a Self Assessment return for 2019:20?

Also, tax isn't deducted from PPI refunds.  It is deducted from statutory interest paid alongside the PPI refund.

Ftba.d

Hi 

sorrry I meant r40

no self assessment return from 2019-20

yes think this is where I’m confused as to whether I am actually eligible for a refund … I have attached photo of statement above 

Dazed_and_C0nfused

No idea if you are due a refund or not with such little information but the (taxable) interest is £429 gross with £85.92 tax deducted.

You could well be due ~£84 back.  Or the whole £85.92.  

What did you enter on the R40?

Dazed_and_C0nfused

And are you sure you haven't already claimed for this?

https://forums.moneysavingexpert.com/discussion/6050904/claiming-back-tax-paid-on-payouts#latest

Ftba.d

Dazed_and_C0nfused said:

And are you sure you haven't already claimed for this?

https://forums.moneysavingexpert.com/discussion/6050904/claiming-back-tax-paid-on-payouts#latest

Hi 

no this was about a missold package account which again I did not pursue as didn’t think it wld qualify ?

Ftba.d

Dazed_and_C0nfused said:

No idea if you are due a refund or not with such little information but the (taxable) interest is £429 gross with £85.92 tax deducted.

You could well be due ~£84 back.  Or the whole £85.92.  

What did you enter on the R40?

Hi
tnis is the tbing …. On the r40 it didn’t really give any option to enter anything specific bar confirm that I feel can have tax reclaimed so I don’t think it will be fruitful 

Dazed_and_C0nfused

Ftba.d said:

Dazed_and_C0nfused said:

No idea if you are due a refund or not with such little information but the (taxable) interest is £429 gross with £85.92 tax deducted.

You could well be due ~£84 back.  Or the whole £85.92.  

What did you enter on the R40?

Hi
tnis is the tbing …. On the r40 it didn’t really give any option to enter anything specific bar confirm that I feel can have tax reclaimed so I don’t think it will be fruitful 

What 😳.

The R40 has sections for all sorts of different taxable income types.

Including any taxed (like that paid alongside the PPI refund) or untaxed interest (normal bank/building society interest).

It is a form to declare all your taxable income.  HMRC will then calculate if any refund is due.  You don't say anywhere I'm due £x back. 

You just fill in the R40 correctly and leave the rest to HMRC.

Ftba.d

Oh I see - so basically that’s what I’ve done . Only bits I entered was my pay that tax year before tax and then the amount of deductions as per my p60 …

Dazed_and_C0nfused

Ftba.d said:

Oh I see - so basically that’s what I’ve done . Only bits I entered was my pay that tax year before tax and then the amount of deductions as per my p60 …

What about the taxed (and untaxed) interest 🙈