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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8206
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I received compensation from provedent but just learn they

This answer was rated:

I received compensation from provedent but just learn they with held over£500 for tax, can I get this back
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I work full time married and basic tax payer

Hello and welcome to JustAnswer. I’m taxadvisor.uk, a UK qualified accountant.

Please advise if this is compensation for a PPI claim

Many thanks

Customer: replied 8 days ago.
No it was doorstep lenders miss sold
Customer: replied 8 days ago.
Iv just been charged £40 from this service, and no answer so far. What the hell.

Thank you for your reply.

If the compensation payment includes interest paid to you for delayed settlement of claim, then additional interest paid would attract tax deducted at source at basic rate 20%.

You can earn upto £1000 in interest tax free. The rest is taxable.

You can claim overepayment of tax by completing form R40 if you don't file a tax return.

More information on this here

https://www.litrg.org.uk/resources/annotated-forms/form-r40-claim-repayment-tax-deducted-ppi-payouts-and-savings-and

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

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