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R40 Online form status "completed"- what next?

QandAfromMyBrain
Posts: 5 Forumite

Hi I submitted an R40 for my PPI income tax on 30 March this year and have just checked. The form status has changed from submitted to completed. But how do I find out what the decision is please? Thank you
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Comments
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You wait until you get the response.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.1
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dunstonh said:You wait until you get the response.0
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QandAfromMyBrain said:dunstonh said:You wait until you get the response.
If you haven't signed up for digital correspondence then you would be sent a calculation though the post.1 -
Dazed_and_C0nfused said:QandAfromMyBrain said:dunstonh said:You wait until you get the response.
If you haven't signed up for digital correspondence then you would be sent a calculation though the post.
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Hi, I submitted my r40 about a month back and have received a letter stating that they have checked the figures and that I apparently have not paid enough tax for that year and now they want to adjust my tax to reclaim the money. They've not stated how much and that it will be detailed in another letter. I was taxed around £500 ish on my PPI claim. I'm PAYE so I really don't understand how this could be ?0
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@JoeDransfield
What did you declare on the R40 in respect of the PPI related element?
Were you a higher rate payer in the tax year you claimed for?0 -
Rather stupidly I didn't screenshot what I entered and I can't see a way of getting back to the form. As for the higher rate, honestly, I've not got a clue ? I only completed the form after seeing the info come through on an email and my partner said I should do it as it's better in my pocket......... Oh the irony of that statement is not lost on me0
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Have you received a P800 calculation?
That will show your total taxable income and hopefully separate out the interest you declared on the R40.
Can you post the figures from that?0 -
The only thing I have is a P60. I've received the letter from HMRC and they've calculated that I owe £496.61
The amount submitted Gross £3336.94 Tax £667.39 Net Interest paid £2669.55. Basically it looks like I've clipped the higher tax bracket.0 -
JoeDransfield said:The only thing I have is a P60. I've received the letter from HMRC and they've calculated that I owe £496.61
The amount submitted Gross £3336.94 Tax £667.39 Net Interest paid £2669.55. Basically it looks like I've clipped the higher tax bracket.
But if you are due to pay some help gher rate tax on the interest then yes you could owe money rather than get a refund.
I'm sure Jeremy Hunt will thank you for your honesty 😉0
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