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  • #16
    PPI should only be taxed on the interest paid on top of the compensation which is 8%paof the amount of compensation. the actual premiums you paid are returned and aren't taxed as you have technically earnt it once and its just being returned to you, the 8% extra is basically as you could have had the money invested somewhere else so they are saying well it was invested in our dodgy scheme and here is the profit as its a new income to you it gets taxed as all savings do.

    If you have got done for the whole lot I would go speak to someone and on the tax return out it down as an income from investment and it should do the math. I got the £70 interest from my current account included and I cant see how that would be different although finding where to put the figures into the box may be the hard part
    you can take it with a pinch of salt, but i prefer it with a nip of whisky

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    • #17
      Yeah I know all that, I meant hoping to get the tax on the interest back as unearned income, which you can use against the personal allowance, given I got back 13k +- there's a fair chunk of that is interest (one was 20 years worth) so you know....... Hand it over hmrc
      Trust me I'm a Chief.

      Views expressed by me are mine and mine alone.
      Yes I work for the big blue canoe company.
      No I do not report things from here to them as they are quite able to come and read this stuff for themselves.


      Twitter:- @DeeChief

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      • #18
        I might be being thick here but surely the PPI money being returned to you is a refund for a product you already paid for so why should it be part of taxable income anyway?
        Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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        • #19
          I didn't think you could claim back nautilus membership fees as they are not on the approved list of professional associations?

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          • #20
            Originally posted by chris View Post
            I might be being thick here but surely the PPI money being returned to you is a refund for a product you already paid for so why should it be part of taxable income anyway?
            No you pay tax only on the interest it has earned.... You pay 1000 as a premium.... You claim back in 1000+(8% x number of year)...... Pay tax on (8% x years) only

            Well proven in court with the tax man
            Trust me I'm a Chief.

            Views expressed by me are mine and mine alone.
            Yes I work for the big blue canoe company.
            No I do not report things from here to them as they are quite able to come and read this stuff for themselves.


            Twitter:- @DeeChief

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            • #21
              Quick question,

              I started my first 3rd Officer job back in mid-August and I'm due to finish with the company, completely, at the end of this month (still out the country atm, have been since Dec). Since I've been employed by them I've only been back in the UK for around 2 months (mid-Oct to mid-Dec). For the 2015/2016 tax year, I've calculated that I'm about 10 days short of the required amount for the full refund. Is there a way to get a partial refund since I've been out of the country more often than not since I started to work?
              I understand this is a bit vague and probably not worded perfectly but this tax stuff really makes my head spin, I'll pay for a tax accountant if it's worth it but I'd rather not stump up £250 for someone to tell me I'm not entitled to anything.

              Cheers!

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              • #22
                Originally posted by stumobir View Post
                Quick question,

                I started my first 3rd Officer job back in mid-August and I'm due to finish with the company, completely, at the end of this month (still out the country atm, have been since Dec). Since I've been employed by them I've only been back in the UK for around 2 months (mid-Oct to mid-Dec). For the 2015/2016 tax year, I've calculated that I'm about 10 days short of the required amount for the full refund. Is there a way to get a partial refund since I've been out of the country more often than not since I started to work?
                I understand this is a bit vague and probably not worded perfectly but this tax stuff really makes my head spin, I'll pay for a tax accountant if it's worth it but I'd rather not stump up £250 for someone to tell me I'm not entitled to anything.

                Cheers!
                I know the feeling here! Just got an HMRC letter through the door saying I owe tax from 3 years ago. I'll go to an accountant when I'm back after my first trip in order to pay him to tell me I owe nothing...

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                • #23
                  Originally posted by stumobir View Post
                  For the 2015/2016 tax year, I've calculated that I'm about 10 days short of the required amount for the full refund. Is there a way to get a partial refund since I've been out of the country more often than not since I started to work?
                  I don't believe so. Best option would be to take a holiday abroad for the 10 days. This will count towards your days I think.

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                  • #24
                    Download the spreadsheet, fill it in and in conjunction with the help sheet, you'll know if youre eligible for sed and for what period.
                    Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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                    • #25
                      Yes can get a partial claim.
                      Seatax are getting me one this year.

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                      • #26
                        https://www.google.co.uk/url?sa=t&so...4iR8vSb_TY09Dw
                        Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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                        • #27
                          Does anyone know if you can claim back student loan payments? As i understand these payments are based on taxable income and therefore could be claimed back? thanks

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                          • #28
                            Originally posted by Faust View Post
                            Yes can get a partial claim.
                            Seatax are getting me one this year.
                            Was your claim period across all relevant tax years less than 365 days?

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                            • #29
                              15-16 claim submitted! I will review my submission next January in case I lose my eligible period but fingers crossed I'll still be ok. Happy days.
                              Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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                              • #30
                                Originally posted by Steve View Post
                                Was your claim period across all relevant tax years less than 365 days?
                                It was a claim for April to January if that's what you mean?

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