Claiming Overpaid Tax

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PanBiker
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Claiming Overpaid Tax

Post by PanBiker »

I received a letter from HMRC this morning to tell me that they owed me some brass. They had taxed me on my LCC pension which was incorrect. The letter had a link to the Government Gateway claim routine. You can claim online in which case they refund within 5 days or you can just wait and they will send you a cheque but it can take two months!

I followed the link and logged on using my Gateway username and password. I had to create this when claiming my State Pension. The credentials got me in and advised that they had sent me a use once security code via my chosen method, (my mobile). Text arrived more or less instantaneously so I inputted the number which was only valid for 15 minutes. This took me straight to the refund page which had the same information as my letter but it also had a note on the bottom to say that it was not possible to process online refunds at the moment! Whether this is Covid related it did not say just that I would be informed when I could try the claim again. Not an onerous process by any means just a total waste of time. Fortunately it's not a huge amount of brass but it's better in my hands than theirs. :furious3: :brickwall:
Ian
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Re: Claiming Overpaid Tax

Post by chinatyke »

I've always had good results from HMRC whenever I've reclaimed overpaid tax, which used to be every year. Eventually they accepted that I live overseas and don't get increases in state pension each year and I haven't had to bother them for a while, but I still check how much they deduct each year to make sure they are correct!
Good result for you, every little counts!
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Re: Claiming Overpaid Tax

Post by PanBiker »

Sally did exactly the same process last week without a problem. They taxed her on her only income which is her part time invigilation work which comes nowhere near her allowance. Maybe just a temporary glitch, we'll see.
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Re: Claiming Overpaid Tax

Post by Whyperion »

1) You can always write to them , or do the overall on-line tax return pages (assuming you are not an MP, a Minister of Religion or I think have woodlands in the UK) Wifes minor overpayment in the bank within 10 days
2) you have done the thread twice ( i assume it is the internet delay with 'submit' and getting a page created confirmation ) [ edit and delete 2 if you have fixed it !!]
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Re: Claiming Overpaid Tax

Post by PanBiker »

All the calculations are already done all they have to do is pay it back, online is crook and a cheque can take up to two months. I will check again next week. Double topic post sorted.
Ian
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Re: Claiming Overpaid Tax

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Just tried the p800 gov.uk refund service again and it is now working. :surprised: I have successfully claimed back my overpaid tax which should be paid into our joint bank account within 5 days. Having said that Sally claimed back tax she had taken off her part time employment wage three weeks ago now and the brass still isn't in our account. Why do they tax part time employment which comes nowhere near your personal allowance?

One good thing I did find though. I could access my NI record from the tax pages, unusual as you cant get at it if you are enquiring about your pension! As noted in another thread I think I am being short changed here, jury is still out on that one. I have 42 years of full contributions, you only need 30 for the full New State Pension. I have printed my NI record out for my reference in case they wriggle. :extrawink:
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Re: Claiming Overpaid Tax

Post by Whyperion »

Only one employment (or Pension) source can have a normal tax code on it, all other pay sources of income have to have 0T codes(*), this does mean more tax paid, but they would rather they have it, and then pay it back, than for you to realise you need to pay a bill which you might not have funds for. (*) some private pensions where the amount is unlikely to vary might have a different code, depends if they take into account normal state pension, and code the difference for the private pension.
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Re: Claiming Overpaid Tax

Post by Big Kev »

I put in for a refund for tax paid on a couple of PPI refunds. Filled in all the right boxes, with the right information and got a letter back saying I owed them :biggrin2: and they've amended my tax code. A bit of digging and it was because my private medical insurance details had been updated on my P11D.
Since amending my tax code they've sent me two letters, saying they owe me considerably more, for the PPI tax paid, than I owe them for the medical insurance. You couldn't make it up.
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Re: Claiming Overpaid Tax

Post by Stanley »

I agree Kev. The tax system, like benefits, has developed over the years into a monumentally complicated mess. Trouble is fixing it is a bigger job than Brexit!
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Re: Claiming Overpaid Tax

Post by PanBiker »

Time for another go at them I reckon. I received a consolidated tax notification regarding the investments I hold for Ruby from her dads legacy. They have taken a chunk of that which I reckon I will have back. I will also check back at previous years as we have had the investments since 2013, not sure how far back we can claim. Sally can do the same as we split the capital between us and hold it in separate names rather than a joint account.

The P60's for my pensions all show zero tax now so they are sorted but this is a different kettle of fish.
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Re: Claiming Overpaid Tax

Post by PanBiker »

Been on to my account via the Government Gateway and have checked tax deducted which they say is correct and it looks correct as it only covers income from various pension pots.

I think the crux of the matter is that this is not income as such. They are just investments earning interest, (very little as it turns out) as they have only been active during an economic recession. Nevertheless from what I read they could be subject to Capital Gains Tax as the capital exceeds the allowed threshold. Can't get proper info via the Gateway just odd help files. I will have to ring them and ask the relevant questions but they only work weekdays.

Apparently you can ring fence such funds but all that does is defer the tax until you withdraw. Just allows more capital to swill about to make more money, (or not) then pay the whole tax bill at the end. I seem to remember we rejected this option when we unfortunately had to take on this responsibility.

It's a complete can of worms as the money is legally mine but it does impact us holding it.
Ian
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