Have you been recently thinking about PPI Tax Claims and the amount of compensation you could be owed? We understand. Here at Gowing Law Solicitors, we have helped people all over the UK get the pay-out that they deserve by making a PPI Tax Claim. Firstly, we know that these types of claims can seem a little daunting. After all, no one really enjoys making any type of tax claim on their own. It can be a tense experience, especially if you do not have the legal experience needed to understand what you could be owed. That’s why it’s crucial that you go to the right law firm and solicitor for support throughout your claim. Here at Gowing Law Solicitors, we will support you every step of the way throughout your claim.
Before you get started on your PPI Tax Claim with the help of our PPI Tax Claims specialists, we would recommend that you read this blog to understand the basics of your case. That way you can feel confident and ready to get started. For additional assistance with your claim, make sure to call Gowing Law Solicitors at 0800 041 8350 or visit our website below to learn more:
What is PPI?
PPI stands for Payment Protection Insurance. Originally it was intended as a safety net for people who decided to take out financial agreement. This included loans, credit cards, mortgages and catalogue payment schemes. The purpose of PPI was to provide a pay-out if you or your employees ended up getting ill, and were unable to pay back your debt or loan. However, in most cases, it was found that the amount of PPI that was paid out simply wasn’t enough to cover the debt. To be honest, in most cases it came up as short and clearly wasn’t worth paying for. That was why buyers felt unhappy that this policy was included in their payment scheme.
It was clear that PPI was a type of policy that was easily mis-sold to the public. For instance, it was bought by people who were self-employed or were going abroad, therefore it simply wasn’t needed. There were many other ways that the policy could have been mis-sold to you. Take a look at the infographic below for more details:
Many UK clients were outraged at the idea that they had been practically swindled out of their money. That was why the UK government issued a refund that clients could apply for. This was known as a PPI rebate. Unfortunately, you can no longer apply for a PPI pay-out. This is due to the fact that the deadline has passed. The only way that you could receive a PPI pay-out now is through exceptional circumstances.
Why didn’t I get the full amount of my PPI pay-out returned to me?
Ultimately, your PPI pay-out was made up of three things:
- The amount of PPI that you have paid
- Any interest your bank has added onto your PPI payments
- A statutory interest of 8% every year
When you get a pay-out from any type of financial policy, the first thing that your bank is going to look at is your personal savings allowance (PSA.) Ultimately, to avoid being taxed you should try not to go over £12,500 a year. However, if you received a pay-out, there may have been be a suspicion that it pushed you over your PSA. Only your statutory interest can be taxed, therefore you may have lost part of your pay-out due to this financial category.
Now in some cases, having your tax taken from you may have been an honest mistake. However, in other cases there may have been an automatic deduction of 20% from your PPI pay-out. Sometimes your bank may not have even checked to see if you were actually over your PSA. That’s why it’s crucial that you start to make preparations to begin on your PPI tax to get your money back!
How do I prove that I am eligible for PPI Tax compensation?
When you first start looking into PPI tax claims, we understand that it can be a bit of a daunting prospect. After all, it can be a bit dry and you may feel unsure about where to get started. Honestly, that’s okay. It’s why you need to get in contact with a solicitor as quickly as possible to get personalized advice. That way you’re not asking yourself “How do you claim tax back on your PPI claims?” over and over again without an answer.
The main thing that you should be looking into is evidence. The evidence that you did not go over your PSA is vital when proving that you deserve to have the full amount of your PPI returned to you. Your evidence should be used to prove that you did not go over your PSA. It can include:
- Bank statements
- Correspondence with your bank or financial advisor
- Wage slips
- Your PPI pay-out receipt
If your solicitor will require more specific evidence then they will let you know, so don’t worry! Keep in mind that as they are working on your behalf then they may require more personal details so they can fill out the HMRC forms. Above all, be honest and open and you should get your pay-out returned to you in no time.
How much could you be owed through PPI Tax Claims?
You could be owed thousands in compensation through your PPI tax Claims. Each PPI tax claim is different. Honestly, the amount you receive will depend on the extent that you have paid into your PPI, as well as how much PPI tax was taken away from your pay-out. That’s why it’s crucial that you provide your solicitor with as much evidence as possible about your claim. They can provide you with an estimate of how much you could be owed, as well as how long it will take to get the pay-out that you deserve.
How long do I have to make PPI Tax Claims?
Overall, you will have around 4 years from the time that you received your PPI pay-out. So, if you received your PPI pay-out in 2016, you will have till 2020 to get compensation for your mis-sold PPI tax. That’s why it’s crucial that you get in contact as quickly as possible to speak to your solicitor. Due to the backlog of UK court cases and the current pandemic there may be delays when it comes to pay-outs. Therefore, you need to give your solicitor the maximum amount of time of get your compensation. That way if anything goes wrong, or is subject to delay, it can be sorted quickly and effectively.
How can my solicitor help me with my PPI tax claims?
Here at Gowing Law Solicitors, we are determined to get you the pay-out that you deserve. We understand you may be feeling a little unsure about your PPI tax claim. That’s why we want to help and support you in any way that we can. Not only can we offer you free advice, but your solicitor can speak to HMRC on your behalf. That includes filling out any tricky paperwork that needs an experienced eye to look over it. It’s easy to make mistakes on legal forms. However, your solicitor will know all of the easy pitfalls and will always do their best to avoid them. They can also advise you on anything that may look like it may get complicated or take longer than expected. That way you can feel confident that you will get your compensation returned to you in no time.
Gowing Law Solicitors can help you with PPI Tax Claims
Now that you understand the basics of PPI tax claims, it’s time for you to get started on your own PPI tax claim. Gowing Law’s expert solicitor can provide you with free advice and no-obligation consultations to get you started. If you are happy to move forward with our specialists, they can offer their services on a “no win- no fee” basis. That means you will always come out on top and will never need to pay any hidden fees.
Speak to our PPI tax claims team now by calling 0800 041 8350, emailing info@gowinglaw.co.uk or by using Gowing Law’s claims checker. One of our team members will then be in touch to talk you through your claim and any questions you may have.
Learn more about PPI Tax Claims
If you’re interested in learning more about PPI Tax Claims, we would highly recommend that you visit our legal blog. That way you can find out the basics of additional legal topics. We update our content every week, so make sure to keep checking back. We write about UK law, seasonal events, competitions and giveaways and the occasional update about our law firm. Don’t forget, if you have a topic of your own that you would like to suggest, feel free to send it into info@gowinglaw.co.uk. We will then let you know when we have written about it in our blog. You should also follow our social media pages below to ensure that you are always kept updated about what Gowing Law has been up to!
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