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Post by blanik on May 26, 2016 11:47:24 GMT
Got an e-mail reply from HMRC after a couple of weeks "We have updated your tax code based on the information you have supplied." but it doesn't tell me what the change is - I have to wait another 2 weeks for it to turn up in the post. But looks like it has been done. Paper P2 arrived with new tax code - no mention of P2P interest for 2016/17 so looks good. There is still an underpayment restriction as a result of underpaid tax (on P2P interest) in previous years - this is correct, I expect to see this for the next couple of years due to the way the system works! Well they have managed to mess up my 2016/17 code again. I reported my 2015/16 P2P earnings in a covering letter, and they have also applied this amount as Other Income on my 2016/17 tax code. Another e-mail to the tax man!
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Post by blanik on May 27, 2016 9:40:54 GMT
Paper P2 arrived with new tax code - no mention of P2P interest for 2016/17 so looks good. There is still an underpayment restriction as a result of underpaid tax (on P2P interest) in previous years - this is correct, I expect to see this for the next couple of years due to the way the system works! Well they have managed to mess up my 2016/17 code again. I reported my 2015/16 P2P earnings in a covering letter, and they have also applied this amount as Other Income on my 2016/17 tax code. Another e-mail to the tax man! Fixed - within 24 hours. The 'other income' is now 'untaxed interest' again. The way they are handling 'untaxed interest' looks odd - but works out correctly. They are adding it onto my tax free allowance, giving me say £11,4000, then taking it back off when they calculate the code. I presume they have to do that to cater for when the interest exceeds the PSA.
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