Making a PPI tax claim can feel complicated when you are trying to figure it out on your own. Here at Gowing Law Solicitors, we understand your worries. Compensation from tax claims can feel intimidating when you’re trying to claim your money back on your own. But don’t worry. Having an experienced tax solicitor on your side can help you get the pay-out that you deserve, even if you are currently living abroad. With the deadline for 2016-2017 claims due on the 5th April, it’s wise to get legal help so you can be supported throughout the compensation process. An experienced solicitor can make sure to fill in any tricky paperwork and can even speak to HMRC on your behalf.
Whether you live in the UK or outside in a different country, you could be eligible for a pay-out if not all of your PPI pay-out has been returned to you. That’s why it’s essential that you start your PPI tax claim as soon as possible to make sure that your compensation is returned to you in a reasonable time. You can start your PPI tax claim by phoning Gowing Law’s experts at 0161 464 4444. We have also included a link our PPI tax page. Click the button below to visit it!
What do I need to know about PPI claims?
Before we jump into PPI tax claims, let’s talk about PPI claims. That way you can understand the context behind your pay-out before you even get in touch with our law firm! PPI stands for “Payment Protection Insurance.” Initially, it was introduced as a way to cover you just in case you couldn’t pay back any outstanding debts on any financial agreements that you took out. This could include catalogue payments, insurance, mortgages and credit cards. Unfortunately, in quite a lot of cases, this financial policy simply wasn’t suitable for the client. Take a look at the infographic below to get an idea of why:
These are only a few ways that you could have been eligible for a PPI pay-out from HMRC. If you could prove that you had been mis-sold this financial policy, you could have received compensation. Unfortunately, there is a high chance that you may not have had all of your pay-out returned to you. Instead, some of it may have been deducted due to PPI tax. This is where Gowing Law Solicitors can step in to help you establish a PPI tax claim.
Why did they take tax away from my PPI pay-out?
After waiting so long for your PPI pay-out, the last thing you want to realize is that you have not received all of it. You are eligible for a full pay-out; therefore, you have the right to have your full amount of compensation returned to you in a timely manner. With that said, let’s talk about how you could have had tax taken away from your PPI pay-out.
Your PPI pay-out is made up of three things. These are:
- The amount you paid into your PPI
- Any additional interest/loans that was added onto your PPI by your bank
- A statutory interest of 8% every year
The only thing from these categories that can be taxed is your statutory interest. If it was suspected that you were going over your personal savings allowance (PSA), it is likely that you would have had the interest of your PSA taken away from you. However, in some cases it may have been automatically deducted from your total pay-out by at least 20%. This is where a solicitor can step in to help you make a PPI tax claim. To prove that you are eligible for a pay-out, all you need to do is show that you did not go over your PSA. Instead, it was wrongfully taken away and you have the right to have it returned to you.
Will I be eligible for a PPI Tax Claim if I now live abroad?
Yes you can! It does not matter where you live, as long as you previously were a citizen of the UK and paid into a PPI policy. If you received a pay-out from your PPI and did not receive the full amount, you could be eligible to make a claim.
We understand that you may have initially taken out a PPI policy in order to protect yourself if you wanted to go abroad to start a new business. So, if you ended up staying in the country of your work, or you even immigrated there, you could still be eligible for a pay-out. The only difference is that your solicitor may need to use a different type of PPI tax form. But apart from that, they will still be there to assist you with getting the pay-out that you deserve. So, try not to stress about whether or not your location with affect your compensation. Your solicitor will make sure that your pay-out will be secured as quickly as possible.
Keep in mind that it may take longer for your cheque to arrive, especially if it needs to be sent overseas. Be patient with your lawyer and feel free to keep asking for updates about your claim. They would be more than happy to assist you.
Will making a PPI tax claim whilst living abroad affect how much I receive from my pay-out?
Honestly, no it shouldn’t affect how much you receive. Each pay-out for a PPI tax claim is going to be different. Some people may receive £100’s in compensation, others may receive even more. At the end of the day, it all depends on how much money you put into your PPI policy in the first place. The more you have paid, the more likely it is that you will receive a higher pay-out in compensation. If you are feeling concerned about how much you could be owed as a PPI tax pay-out, it’s best to speak with a solicitor to ensure that you know how much you could be owed. They can help you make an estimate. If you want to know how you could calculate your owed pay-out on your own, visit our calculation blog
Are you ready to start your own PPI Tax claim?
The deadline for making a PPI Tax claim from 2016-2017 is coming on the 5th April 2021! Therefore, you don’t have long to get started with Gowing Law’s expert tax solicitors. We would highly recommend that you contact our specialists as quickly as possible to get your claim sorted out. That way you can get your compensation returned to you as quickly as possible. Our helpful law firm can offer free advice and consultations to get you started. If you are happy to move forward with your claim, we can offer you our services on a “no win-no fee” basis. That means you will never need to pay any hidden fees. Instead, we will always be upfront about our lawyer costs and you will always come out on top.
Contact our expert PPI Tax solicitors today by calling 0161 464 4444, emailing email@example.com, or by using our claim’s checker. One of our specialists will then be in contact with you to provide you with helpful advice that can answer all of your questions.
Learn more about PPI Tax Claims
If you’re ready to learn more about PPI tax claims, the best place to go is Gowing Law’s blog. We update it every week with brand new content about different legal claims, seasonal events and our latest law firm updates. We even host the occasional giveaway/competition. So, make sure to keep an eye on it! We also are happy to take blog topic suggestions from our clients. If you have a question that you would like us to answer through our blog, let us know by sending in your suggestion to firstname.lastname@example.org.
We look forward to seeing you in our next blog!