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  1. #1

    Accountant Tax Refund

    Good Morning,
    im wondering if anybody can help.My husband used to work offshore,he was due a tax rebate and got in touch with company on the internet about (seafarers allowances).Now this company he contacted got what my husband was due paid into there bank account 12,423.00 way back in Sept 2014.

    My husband was sent 1,500 in 2014,he has just received 11,273.00 last week.

    Does anybody know what the interest would have been for the past 3 and a half years when this money was lying in this tax accounts bank account.And also do you think i should persue this.

    Tax Accountants bank is the Norwich and Peterbrough.

  2. #2
    If I understand you correctly he has received an additional 350 in interest as a result of the late second payment? So that's about 1% per year which isn't bad really.

  3. #3
    I was recently given 8% per annum for 7 years for a late payment/refund due from M&S account. It was initially zero until I asked them to confirm the interest they would be paying based on holding my funds for 7 years without notifying me.

  4. #4
    So just to be clear on what your husband was doing, your husband was due a rebate because he had paid too much tax and wanted to claim seafarer's earning deduction for the relevant period. Instead of reading up on the rules and confirming to HMRC that he qualified for x days or x% of a year's claim, he instead gave his information to a company on the internet and appointed them as his agent to do his tax return and receive the refund on his behalf, to pass on to him in due course?

    Assuming that's the case, then any fee that he needs to pay them for the service, and any interest that they might have agreed to pay him for money they are holding on his behalf from time to time, will be set out in the terms and conditions he signed up to - presumably you kept a copy? Interest on client money held might be at 'x%' or 'base rate plus 0.1%' or it might be 'whatever we get from Norwich and Peterborough on the business current account that your money is sitting in'.

  5. #5
    The interest they get from N&P depends on what kind of account they have. If it's a Business Extra account or Client's Reserve account or Netmaster Business account it will have paid a variable rate that's been 0.1%, 0.25% and 0.5% at various times since the start of September 2014; however some of those accounts only pay interest on the first x thousand pounds in the account, so if the company already had 100k in the account from other clients they would earn 0 from your husband's money being put in there as well (though unlikely they would use such an account for client money). There are other N&P accounts which pay 0%. Difficult to speculate on their banking arrangements.


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