herra soul mob
Winger
cheers for that
Tax query re interest
- Thread starter herra soul mob
- Start date
Wild Card
Winger
No bother, happy to answer any questions. SMB membership perk.
herra soul mob
Winger
much appreciated, might have a few more at some point
would you still have to do self assessment even though below p/a, after all the bank informs hmrc earned over 1k interest , hmrc dont know your income ( without access to your accounts )
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Wild Card
Winger
much appreciated, might have a few more at some point
would you still have to do self assessment even though below p/a, after all the bank informs hmrc earned over 1k interest , hmrc dont know your income ( without access to your accounts )
No you should be fine, the trigger for self assessment is £10,000 of investment income.
herra soul mob
Winger
great stuff , thank you
STUMPY
Midfield
How come your so knowledgeable about taxation mate ? I may have something to pick your brains about
Wild Card
Winger
How come your so knowledgeable about taxation mate ? I may have something to pick your brains about
I'm a tax advisor by trade. Should be able to help as long as it's not trust stuff as I don't get involved much in that.
STUMPY
Midfield
I'm needing to claim back tax paid on the interest element of a ppi refund mate. I need to get this done before the end of the tax year as this is year 6 now since I got the ppi refund.
I understand its an R40 form but according to HMRC this can be done by paper or online.
I was on the phone to HMRC regarding a separate matter a couple of months back ( takes an age to get through) I mentioned to the advisor while on the phone that I needed to sort this refund out and he assured me I could do it through the HMRC app which I have on my phone. The app in general is quite Good however I've searched all over it and can't find any link on it to fill in an online R4O form. You have any idea if I'm missing something or the advisor got it wrong mate ?
Wild Card
Winger
I don't know off the top of my head as I don't see it much. Leave it with me and I will do some digging to see what is the best method.
It does say that you can claim a refund on the app webpage. Whether that included a ppi refund, I'm not sure. Maybe search or look for anything that says claim a refund.
Failing that, like you say an R40 is the right form. You would want to go online everytime with this because they will take ages to deal with a postal R40.
My concern with an online R40 is that their website says you need to provide the ppi interest documentation.
Claim a refund of Income Tax deducted from savings and investments (R40)
Apply for a repayment of tax on your savings interest using form R40 if you do not complete a Self Assessment tax return.
I would be tempted to follow the online instructions in the above link and see how far you get as there may be an upload option on the online version.
This website will help you fill out the form...
PPI tax refunds | Low Incomes Tax Reform Group
Tax may have been deducted at source from the interest element of a payment protection insurance (PPI) pay-out. If the tax deduction means that you
Obviously if you get stuck just ask.
Let me know how you get on.
How did you get on, or have you not had a chance to try yet?
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STUMPY
Midfield
Thanks for all that mateI don't know off the top of my head as I don't see it much. Leave it with me and I will do some digging to see what is the best method.
It does say that you can claim a refund on the app webpage. Whether that included a ppi refund, I'm not sure. Maybe search or look for anything that says claim a refund.
Failing that, like you say an R40 is the right form. You would want to go online everytime with this because they will take ages to deal with a postal R40.
My concern with an online R40 is that their website says you need to provide the ppi interest documentation.
Claim a refund of Income Tax deducted from savings and investments (R40)
Apply for a repayment of tax on your savings interest using form R40 if you do not complete a Self Assessment tax return.www.gov.uk
I would be tempted to follow the online instructions in the above link and see how far you get as there may be an upload option on the online version.
This website will help you fill out the form...
PPI tax refunds | Low Incomes Tax Reform Group
Tax may have been deducted at source from the interest element of a payment protection insurance (PPI) pay-out. If the tax deduction means that youwww.litrg.org.uk
Obviously if you get stuck just ask.
Let me know how you get on.
How did you get on, or have you not had a chance to try yet?
I'm going to dig all my paperwork out early next week and get on with it. I'm pretty sure I had already printed off a couple if r40 paper forms a few years back and stuffed them together with the ppi refund paperwork. So you think submitting paper forms would result in it taking ages to get my refund yes ?
Wild Card
Winger
Thanks for all that mate
Yeah, as I understand it they are taking a while to deal with paper R40s. To be honest, Iave not submitted a R40 for years. Most of my cases are self assesment.
If it was me, I would try with the online form first. HMRC may have added a feature to upload the evidence, if so, it could be done pretty quick.
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STUMPY
Midfield
Hello mate, I've decided to go down the paper form route, everything is done and ready to go in the post 1st class this afternoon.
On the 1st page you basically fill in personal details, name, address, D.O.B, NI Number etc
This might sound a daft question but what is your tax reference ? In the top right of the form in very small writing it says:-
"Your Reference " then underneath
"Tax Reference "
There is no mention in the notes for completing of what if anything should be put there.
I'm not sure whether to leave blank as further down it asks for your national insurance number which I have filled in, I'm not sure whether NI Number is enough ?
Any advice much appreciated mate
Wild Card
Winger
Tax Reference would normally be a person's UTR number (Unique Taxpayer Reference). If you have never been is Self assessment you wont have one. You shouldn't need on for an R40, but they will need a unique identifier which will be your National Insurance Number.
You should be safe leaving it blank.
You should be safe leaving it blank.
STUMPY
Midfield
I had a feeling that would be OK just with NI Number, thanks for confirming
STUMPY
Midfield
Got 2 cheques on Friday mate
Really surprised at how quick they dealt with it, I had put a note in my diary to chase them up if I'd heard nowt after a couple of months You send a PPI R40 to a different address than you do for other R40 claims. I'm guessing since PPI has died down massively in recent years that department must not have a lot to deal with
♂Thanks for your help
Swindon On Tour
Striker
Got 2 cheques on Friday mate
You send a PPI R40 to a different address than you do for other R40 claims. I'm guessing since PPI has died down massively in recent years that department must not have a lot to deal with
Thanks for your help
Don’t respond to any Nigerian Prince emails with a NE post code
Nothing like a good monetary surprise.
I am a Nigerian Prince located just above Swindon……..We go back a long way……
Wild Card
Winger
Got 2 cheques on Friday mate
You send a PPI R40 to a different address than you do for other R40 claims. I'm guessing since PPI has died down massively in recent years that department must not have a lot to deal with
Thanks for your help
Pleased it's sorted I'm surprised it was dealt with his quick. You must be right with the separate department.
