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PF&S .. money back?!

Discussion in 'Personal' started by almika, Mar 15, 2011.

  1. Has anyone got any experience with the PF&S services. I am slightly unsure about going through with it but to me it does seem like I can only gain and not loose from using their services. I'd like to know if anyone has actually completed the forms and had any money back?
  2. harsh-but-fair

    harsh-but-fair Star commenter

    PF&S services?
  3. Crowbob

    Crowbob Lead commenter

    What is the point when you can do it yourself fairly easily? They will charge you an admin fee.
  4. nomad

    nomad Star commenter

    The Professional Fees and Subscriptions Rebate Service. For those who do not complete an annual Tax Return.
    Not worth the £40 administration fee, IMO.
  5. It's the "fairly easily" bit... They charge £40. Worth the hassle if you ask me.. as long as I get some money back.
  6. You can buy software cheaper.
  7. jubilee

    jubilee Star commenter

    All you need to do to claim back tax on professional fees is write a letter to the Inland revenue, with your NI number quoted, telling them the allowable portion of your Union fees and the fee you paid to the GTC.
    Write a separate letter for each tax year that you haven't yet claimed for. The earliest tax year you can now claim a rebate on is 2005-06. The deadline for claiming for 2004-05 passed on 31st Jan 2011.
    First things first though: ring your Union and ask for a schedule of the payments you have made since 6th April 2005. Also ask what proportion of the subs is tax deductible. It varies with different unions as some charge a political levy and that part is not tax deductible. There are also different legal connotations in their set-up.
    The GTC website has a downloadable Tax relief form. You need one for each tax year that you are claiming for unless you put the information on the form in letter format. The GTC for this tax year and the next is £36-50 but if you are claiming for past years you need to ask them how much you paid if you can't trace the amount on your retained bank statements etc.
    You should also ask the Inland revenue for any rebate to be paid into a specified bank account. If you don't, they make the refund by increasing your tax code and reducing the tax deducted from future pay. I prefer to have the money up-front!
    You get tax relief at your highest tax rate, so a basic rate taxpayer would get back 20% of the amounts allowable for tax relief. If you are just claiming for one tax year and the figures are 3140 allowable union subs + £36-50 GTC fee, you would get back £35-40 in tax and it would be worthless shelling out a £40 fee for another company to fill in a few figures on a template letter on your behalf!
    Those companies can only generate cash for claimants who have not claimed tax rebates for 5 or 6 years. It takes them just a few minutes extra to input the figures for each tax year. Crucially YOU still have to supply them with the figures for the Union fees and GTC payments! Why not supply those figures direct to the Inland revenue and save yourself the £40 middle-man fee?
    If you don't know where your tax office is (based on the tax office linked to your employer, not to your home address) you can ring the IR to find out OR you can send your letters to your nearest tax office (see telephone directory) and they will transfer the letter/s to your office using your NI number to locate it.

    wanet likes this.
  8. jubilee

    jubilee Star commenter

    <strike>3140</strike> = &pound;140 !
    Each year you should keep the IR updated with the relevant figures for your subs and fees. The last GTC one for &pound;36-50 becomes due on 1st April 2011 but some people may be paying it after 5th April and they will claim it for the 2011/12 tax year.
    The GTC may well be replaced by another organisation with a different remit. If that involves a fee for members, claim that for tax relief.
    Some people think that they are not eligible for tax relief on the GTC fee as they get an extra &pound;33 in pay if they are LA employed. That &pound;33 is subject to payroll deductions. By claiming tax relief on the money that you then hand over to the GTC, you recoup most of the deductions on the &pound;33 and membership is virtually fre.
    Higher rate taxpayers get back 40% of allowable fees as thye have already paid 40% tax on the money that they spent on the fees. I have friends who are both higher rate taxpayers and they have missed out on thousands of pounds over the years by not getting their act together to claim tax relief. Even if both claimed for the last 5 years, they'd be looking at a joint rebate of over &pound;700.
  9. jubilee

    jubilee Star commenter

    In that case the company you paid a fee to can only be reclaiming the tax relief on your GTC fee. They can't claim on your behalf for Union fees unless you provide them with the details of your Union subscriptions over the past 5 or 6 years.
    The GTC is the same amount for everyone and is obligatory, so it's easy -peasy for the firm to claim back that tax relief on your behalf. It's just as simple for do it yourself. You just give the Inland revenue your address and NI number and tell them you wish to claim tax relief on your GTc fees dating back 6 years (the GTC will tell you what was charged to all teachers in each past year).
    Tax relief on union subs amounts to far more than the GTC rebate, so you are still missing a chunk of tax rebate even after forking out &pound;40 for a firm to cut and paste your name and address onto standard letters and press 'PRINT'.
  10. Crowbob

    Crowbob Lead commenter

    Please do come back and let us know how much you eventually get back.
  11. Thanks to reading your useful advice, which I found on a google search, I have ripped up my TTR downloadable forms and will apply to the tax office myself. This will save me their fee and 20% of any tax rebate I am owed... so I will be squids-in as soon as I send off my letter to the tax man! Thank you very much for such clear advice, I'll be passing on this information to the rest of my colleagues at school on Monday!

  12. mancminx

    mancminx New commenter

    How did you manage to get so much?
    Ive sent off my forms today, so Im fairly impressed with your cheque.

  13. Sedgers

    Sedgers New commenter

    Someone I know has used the service but says you can also claim for household bills as we work from home. Anyone know anything about this? I don't want to use a service for something I can do myself like the union fees (which I've finally got round to doing!).
  14. mancminx

    mancminx New commenter

    I got a letter over the weekend informing that my tax code has changed and they are now taking into account my professional subscriptions. I have not yet checked my bank account to see if I have had a rebate.....statement due in a few days....
    fingers crossed

  15. jgoulden123

    jgoulden123 New commenter

  16. Geoff Thomas

    Geoff Thomas Star commenter

    Unless things have changed (and they might have since I last looked into this) you might be laying yourself open to paying capital gains tax when you sell your home - at least on that proportion which was nominally your place of work.

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