# Paying tax man after ppi refund



## pete330 (Apr 18, 2006)

Ok so i believe i have to pay tax on the 8% interest i got along with my ppi refund

I called them to ask what happens and basically they will change my tax code after i tell them how much i got and they will take it back over 11 months

Now i would prefer to just pay a lump sum by check as i need to have same amount on my wage slip for my up and coming shared ownership

Cant i just pay it in one?

If i am due them say £707 how would that affect my take home pay per week?
Would it be bettere that way or as a one off?

What have you done?


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## lisaclio (Sep 6, 2008)

i wouldn't of bothered telling them let them ask you for the money


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## Huw (Feb 16, 2007)

Ask the tax man, explain your situation. Alternatively you could check if the money could be used towards your deposit, maybe lowering repayments a bit.


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## morganste (Jan 6, 2008)

When I did this the only
Option they gave was to adjust my tax code. 

If you owe £707 to them, your tax code will change in may, then you'll pay equal amounts until the 2013 tax year starts then itll revert back to your old code. 

A pain in the **** really!


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## amiller (Jan 1, 2009)

Should be able to pay it in a lump sum in your SA100 for 12/13 I'd have thought.

Certainly taxable under part4 ITTOIA 2005.


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## pete330 (Apr 18, 2006)

Huw said:


> Ask the tax man, explain your situation. Alternatively you could check if the money could be used towards your deposit, maybe lowering repayments a bit.


Its the bottom line for the shared ownership payment,not mortgage
I have to have a min amount each month to get the flat and just make it as is,if this was to affect my take home by say £20 a week then i wont

I will just ask to pay it in a one off


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## duffer2349 (Apr 17, 2012)

pete330 said:


> Its the bottom line for the shared ownership payment,not mortgage
> I have to have a min amount each month to get the flat and just make it as is,if this was to affect my take home by say £20 a week then i wont
> 
> I will just ask to pay it in a one off


Do you mean you have to physically show a minimum amount on your actual payslip in order to get the flat or do you just mean you have to take home a minimum amount in order to afford the payment? If it's the latter and they change your tax code (for £707 you'll be paying approx £14 more tax a week) then you will still have the original £707 in your bank so just use £14 a week out of that to top up your take home pay. If you stick it in a savings account you'll also earn a little bit of interest on it too


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## robertdon777 (Nov 3, 2005)

You may well be the first person in the country to pay back the tax on a PPi claim, you sir are too honest.


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## pete330 (Apr 18, 2006)

well 15 mins for them to answer the call only to be told i need to talk to the PPI department lol

Can you call back?

No you can now chase me for the money if you want and dont have that much money for your 0845 number


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## pete330 (Apr 18, 2006)

duffer2349 said:


> Do you mean you have to physically show a minimum amount on your actual payslip in order to get the flat


That is correct

No worries i will sort it all out in due course


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## MK1Campaign (Mar 27, 2007)

Never heard of this!


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