Category: PPI Tax refunds

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!

We look forward to seeing you in our next legal basics blog.

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 info@gowinglaw.co.uk, 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 info@gowinglaw.co.uk.

We look forward to seeing you in our next blog!

Are you thinking about making a PPI Tax Claim? Well, we would highly recommend that you get in contact with Gowing Law Solicitors quick! The deadline for making a 2016-2017 claim is coming up on the 5th April. Therefore, you will need a legal expert to help you get the compensation that you deserve. We understand that making any sort of tax claim on your own can be a daunting experience. However, this feeling can be made worse knowing that you now have a deadline on your shoulders.

Well, try not to panic. If you come to Gowing Law Solicitors with your PPI Tax Claim, our experts can sort out all of the tricky paperwork and talk to HMRC on your behalf. That way you can stay at home, relax and wait for your cheque to be sent to you. All of our teams work remotely, therefore you, your family and our staff can be kept safe during the lockdown. However, we can still get your PPI Tax Claim completed in good time.

Start on your PPI Tax Claim today by calling us on 0161 464 4444 or by using our self-assessment claims form below:

The Basics of PPI: What do I need to know?

If you are thinking about making any sort of PPI Tax Claim, it’s important that you know exactly what you are claiming for. That way you can feel confident that you are going to be eligible to receive a pay-out. PPI stands for Payment Protection Insurance. Originally, it was used to protect you if you had taken out some sort of financial obligation, such as a loan or credit card. Unfortunately, in most cases it was very likely that the PPI was mis-sold to you. This is because:

• Your financial adviser pressurized you into buying PPI
• You did not realized you had bought PPI
• You were self-employed when you were advised to buy it
• When you took out PPI, you moved abroad

Those are only a few examples of how you were mis-sold PPI. However, you may have been paid back by HMRC for the unsuitable policy. You may have felt happy that you received a pay-out for your losses. Unfortunately, there is a chance that you did not receive the full pay-out. This is due to PPI Tax. But don’t worry, this is where Gowing Law Solicitors can step in to help you make a claim.

What do I need to know about PPI Tax Claim?

Now, when you get your PPI pay-out returned to you, it’s going to be made up of three things. These are:

• The amount you paid for your PPI
• Any additional interest/loans your bank placed on your PPI that you need to pay back
• A statutory interest of 8%

Now, the only thing that can be taxed is your statutory interest. If it is believed that the pay-out will make you go over your personal savings allowance (PSA), it is likely that you will not receive the full amount of your PPI that you were entitled to. In some cases, around 20% of your compensation could have been automatically deducted by your bank.

If you’re interested in making a PPI Tax Claim, here are some ways you could be eligible:

As you can see, there are a few ways that you could be eligible to make a PPI tax claim. The best way to figure out whether or not you could be eligible for a claim is to get in contact with a solicitor from Gowing Law. They can talk you through your own financial circumstances. That way they can give you tailored advice to ensure that you can understand whether or not you would be happy pursuing a claim. Feel free to ask them any questions that you may feel confused about. Our lawyers would be more than happy to go into detail about your claim.

Why is the 5th April 2021 so important when it comes to making a PPI Tax Claim?

If you are thinking about making a PPI Tax claim, it’s important that you are aware of the deadline coming up in April. As stated previously, you will have a time limit of four years to make a claim. April signifies the end of the current tax year. That means when April comes around this year, the deadline for claims from 2016/2017 will pass. If your claim falls into this time bracket, it’s essential that you get started on your claim as quickly as possible. You only have a few days to get your pay-out sorted from HMRC. That’s why it’s essential that you get legal support from a solicitor as quickly as possible. They can guide you throughout your claim and make sure that you get the pay-out that you deserve.

How long will it take to make a PPI Tax Claim?

One of the main reasons why it is essential to get your claim in as quickly as possible is due to the amount of time needed to make a claim. Normally, it would take around 6-8 weeks to get a pay-out from HMRC. However, with the lockdown, pandemic and current court case backlog, it is likely that your claim will take longer than you may have initially expected. If you get your claim in then at least your PPI tax will be in progress and you will be able to continue with it and claim back from HMRC. That’s why it is crucial that you get in touch to get started. Our solicitors will be there to give you advice on how to move forward.

Gowing Law Solicitors are here to support you!

Here at Gowing Law Solicitors, we are proud that we can help our clients with their PPI Tax Claim. We understand that making a tax claim can be daunting when you do it on your own. That’s why our specialists are here to guide you throughout the claim’s process. They can offer you free advice and consultations. If you are happy to move forward with them, you can work with them 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.

Contact us today by phoning 0161 464 4444, emailing info@gowinglaw.co.uk or by using our claim’s checker.

Learn more about PPI Tax Claims

If you’re interested in learning more about different tax claims, don’t forget to check out Gowing Law’s blog for more information. We update it every week with the latest legal information, as well as updates about our law firm and seasonal events. We even hosts giveaways and competitions on our blog. So, make sure to keep an eye on it to make sure you always are kept updated about what we are up to. You can also follow our Twitter, LinkedIn and Facebook below to see our latest content. This includes video content and information about how to get in contact with us.

We look forward to helping you with your claim soon!

Making a PPI tax claim can sound more daunting than it actually is. We understand. Taxes can be difficult to deal with, especially when it is in relation to a mis-sold policy. Thousands of people were mis-sold PPI and have received a pay-out from the government. If you were one of these people, it’s very likely that quite a bit of your pay-out was taken away due to PPI tax. That’s why you need to have an expert tax lawyer on your aside that is available to help you understand what you could be owed.

Now, one of the biggest worries you may have on your mind is whether or not you will need to pay to make a claim. This is a common worry for many of our clients. After all, you have just had to deal with making a PPI claim. It can be frustrating to know that you are still owed money, and worse, may have to pay money in order to get what is rightly yours returned to you.

This is where Gowing Law Solicitors can help you. Our experts are here to provide you with tax advice that can get you the pay-out you deserve. All you need to do is call us on 0800 041 8350 or use our PPI tax form below! Click the button to learn more:

Why was tax taken away from my PPI claim?

To give a little context about making a PPI tax claim, let’s go back to the root of the problem: PPI policies. PPI stands for “Payment Protection Insurance” and was usually included in a payment plan (i.e. for credit cards and loans). Unfortunately, in most cases, this policy was actually mis-sold because it did not fit the buyer. To sum it up, take a look at the GIF below to get an idea of how a PPI policy could have been mis-sold to you:

As you can see, these are only a few examples of how you could have been mis-sold PPI. Either way, if you were able to get a pay-out for your PPI policy from HMRC, there is a chance that when you received the pay-out it was taxed. Your pay-out was made out of:

• A statutory interest of 8% per year
• How much you paid into your PPI
• Any additional interest that the bank added to pay for your PPI

The only thing that could have been taxed is your statutory interest if it was suspected that you went over your personal savings allowance. Most importantly, if you can prove that you did not go over your saving’s allowance, it is very likely that you can have the tax returned to you.

Will it cost me to make a PPI Tax claim?

No it will not! Gowing Law Solicitors will never ask you to pay any fees to our solicitors unless we actually win your case. This is actually known as working on a “no win-no fee” basis. There will be no hidden fees and our team can do all of the tricky paperwork for you. Any difficult calculations can be sorted by our team of PPI Tax experts. That means you can relax and wait for your cheque to be sent to you. We can also help you remotely, meaning that you can stay remote and keep safe during the pandemic. Let our team of helpful lawyers work with HMRC on your behalf to get you the pay-out that you deserve.

Here are some additional reasons why you should use a specialist PPI Tax claim lawyer to help you get your pay-out:

How much could I claim from a successful PPI tax claim?

This is a question that tax solicitors get asked a lot about their claims. The main thing we need you to understand about PPI tax claims is that they are all entirely different. Any type of pay-out that you receive depends entirely on how much you paid in for your PPI and your PSA. Over the last year, Gowing Law Solicitors has managed to recover around £10,000 in rebates for our clients. So, you could be owed £100’s in compensation or even more! The best way to find out whether or not you could be eligible is through your solicitor. They can help you understand the extent of your pay-out and even work with HMRC to get it back for you. Let your solicitor do the tricky maths and paperwork. You just need to sit back and relax as you wait for your cheque to arrive in the mail!

Contact Gowing Law Solicitors today to get started on your PPI Tax Claim

Our PPI tax team are here to help you with any sort of PPI or Marriage tax claim. All you need to do is get in contact with us! We can offer you free advice and consultations to get started. Then you can let us know if you want to go ahead with your claim. We will provide you with personalized advice and will try to get your pay-out to you in a timely manner. Please be aware that due to the pandemic, there may be delays with your claim, but we will always keep you updated about how it is progressing.

Contact Gowing Law today by calling 0800 041 8350, emailing info@gowinglaw.co.uk or by using our claims checker. One of our specialists will then be in contact to answer any questions you may have about your PPI Tax claim.

Learn more about making PPI Tax Claims

If you’re ready to learn more about PPI tax claims, the best to find out more information is through our blog! We cover the latest information about personal injury, tax, financial mis-selling and immigration claims. You can also learn more about seasonal events and our latest giveaways and competitions. We also update our blog with the latest content about our law firm. Similarly make sure to also keep an eye on our social media to see what we have been up to. You can find the links to our Twitter and Facebook below!

We look forward to helping you with your claim soon!

If you are looking to make a PPI Tax refund, it’s important you understand the type of claim you are trying to make. You also need to consider how much you could get from your claim. We understand that it can be frustrating. You don’t want to ask for compensation for a second time, just after you have just successfully a pay-out from your PPI. That’s why it’s useful to have the help of a tax solicitor to get you on the right track.

With any sort of PPI Tax reclaim, the first thing on your mind is going to be how much of a compensation pay-out you are going to receive. That’s why you may want to figure out a rough estimate. This will really help you to calculate how much you could be owed. You can also get a more succinct figure from a specialist at Gowing Law Solicitors. Either way, this blog is a great place to start if you want to understand how much you could be owed from HMRC.

To find out more about PPI Tax claims, why not call us today at 0800 041 8350 or visit our PPI Tax page below:

Why did I need to pay PPI Tax in the first place?

Before we jump into the maths behind claiming a PPI tax refund, it’s important that you know the basics of PPI. PPI stands for “Payment Protection Insurance.” Originally, it was used as a safety net just in case you could not pay back a financial agreement. This included credit cards, loans and catalogue payments. Unfortunately, in most cases, these policies were mis-sold. Not only did they not provide enough money to pay off the financial agreements, but in most cases they actually did not suit the policy holder. Take a look at the infographic below to see how your PPI was mis-sold in the first place:

As you can see, there are many ways that you could have been mis-sold PPI. That’s why HMRC has been issuing refunds and compensation pay-outs. This way claimants can be returned to the amount they were meant to be at before they lost money on PPI. Unfortunately, in quite a few cases, even though they received a pay-out, they did not receive the full amount. This is due to the fact that around 20% of the pay-out could have been taken away as tax.

Now that you understand that the basics of PPI, you may be wondering why this tax was taken away from you in the first place. Let’s delve into that a little further.

Why did I lose some of my pay-out?

If you want to receive a PPI tax refund, you need to understand why you lost it in the first place. Having your PPI tax taken away most likely came from no fault of your own. In some cases, it came about due to an automatic deduction from your bank. However, in other cases, it may have happened because it was believed that you went over your personal savings allowance (PSA). The amount you received was supposed to get you back to the original savings you were at. However, if it was believed you went over this amount then it was likely your pay-out was going to taxed.

Your pay-out will have included:

The only thing that can be taxed is your statutory interest. That’s why in order to make sure that you did not go over your PSA, the amount that was originally going to be paid out to you was deducted. This is where Gowing Law Solicitors can step in to help you get your money back through a PPI tax refund. By working with our experienced tax claim solicitors, you can get an experienced legal expert on your side and ready to get you your money back.

How much could I get from a PPI Tax refund?

You may be wondering why we have included a calculator in this blog. Well, if you do not want to immediately go to see a tax specialist, we want to give you the right tools to figure out an estimate of how much you could be owed from your PPI tax refund.

Let’s focus on the statutory interest that deducted your tax in the first place. It is very likely that your PPI Tax was actually deducted at a basic rate of around 20%. That means, for a £1000 refund, £200 was actually deducted in tax thanks to your statutory interest.

With that in mind, let’s use an example to help you understand how much you could be from your PPI tax pay-out. Peter is a mechanical engineer that earns around £19,000 per year. That means he pays a basic rate of around 20%. Gowing Law was able to help him get a PPI pay-out of £950, meanwhile his savings netted him around £150 in interest. That means he is around £100 over his allowance. He should, therefore, only be taxed on that £100 over the allowance, for the year, paying £20.

Due to the fact that Peter had a PPI refund payment was deducted at £190 at the source, that means he can now reclaim £170.

What about my own estimate?

Now that you have an example of how you can calculate a PPI tax refund pay-out, try to figure out your own pay-out by using the:

• PPI pay-out you received
• Your own basic wage
• How much tax you pay

If you need help figuring out how much you could earn from your claim, Gowing Law’s expert solicitors will make sure to give you advice on how your claim will be calculated. They can help you understand what you are owed and how you can claim it.

Will my tax bracket affect the amount of pay-out I receive from a PPI tax refund?

Yes! The amount of tax you pay will determine whether or not you could be eligible for a pay-out. Your pay-out is determined in relation to whether or not you went over your PSA and the wage from your job status. If you went over your PSA then it was very likely that you were going to have some of the pay-out deducted. Take a look at the tax brackets below. That way you can get a better idea of whether or not you could get a pay-out:

• Top Rate Payer (45%): Unfortunately, you will not be eligible for a PPI tax pay-out.
• High Rate Payer (40%): £500 tax free
• Basic Rate Payer (20%): £1,000 tax free

If you are feeling confused about whether or not your tax will affect your claim, make sure to speak to your solicitor about your concerns. It’s always best to be sure about whether or not you could be eligible for a claim. Having a solicitor on your side can make you feel secure when you try to get your pay-out. Your solicitor can ensure you get all the advice that you need. That way you can feel confident that you are going to get a valid pay-out. Feel free to leave the complicated paper-work to them so you can get the compensation that you deserve.

Can I make a PPI Tax refund claim if I wasn’t paying any tax during the year?

If you have received a pay-out for your PPI, you should be able to make a claim even if you have not paid tax over the last year. There is only one reason why you shouldn’t get your full pay-out. That is if your statutory payment ended pushing you over your PSA. If you are still feeling concerned about whether or not you could be eligible for a claim, Gowing Law’s specialists can ensure that you get the best advice possible to help you get the pay-out that you deserve. All you need to do is let our team know how we can help you.

How will a solicitor be able to help me with my PPI tax refund?

The best thing about having a legal specialist on your side is that if you can get advice about your PPI tax. We will always be there to help with your claim when you need it the most. We understand that tax claims can be extremely complicated. That’s why it’s useful to understand how you can make a valid claim without having to fill out any complicated forms. Our lawyers will make sure to do all the hard work for you, even if you have already been rejected for a claim. You may have made a very simple mistake that could have invalidated your claim. These are easy to sort out. Our lawyers can even speak to HMRC on your behalf.

Here are some additional reasons about why you should have a lawyer help you to sort out your PPI Tax claim:

•  Expert advice when you need it the most
• Legal assistance to speak with HMRC on your behalf.
• Fill out any additional paperwork
• Avoid any simple mistakes that could invalidate your claim
• Quick communication to get your claim sorted
• Support when you need it the most during your claim

How long will it take to make a PPI Tax claim?

It will take you around 6-8 weeks to make a PPI Tax claim with Gowing Law Solicitors. However, please keep in mind that due to the current delays in the UK court system, it may take a tad longer. Your tax solicitor will do their best to keep you updated about your claim. They can tell you a timeline of claim to let you know how well it is progressing. They can also inform you of any challenges they may face and how they can be sorted. If you are concerned about the time it takes to get your pay-out, speak to a solicitor. They can give you peace of mind and let you know where your claim stands.

Speak to Gowing Law Solicitors today about your claim

Here at Gowing Law Solicitors, we are proud to be able to help people around the country. We are specialists with PPI Tax Claims. Our specialists will be able to help you and make sure that you get the pay-out that you deserve. You can come to us for no-obligation advice and consultations to get started. If you are happy to work with our solicitors, we can offer you our services on a “no win –no fee” basis. That means you will always be able to come out on top. There will be no hidden fees and you will only need to pay our lawyers if we win your case. So, what’s stopping you from getting in contact today?

Contact us to get started with your PPI tax claim today! Call us on 0800 041 8350, email info@gowinglaw.co.uk or use our claims checker. One of our tax specialists will then get in contact as quickly as possible to discuss your claim with you.

Learn more about PPI Tax claims

Don’t forget that Gowing Law’s blog is updated with new content every week. This includes information about tax claims, personal injury claims, insurance claims and much, much more! If you have a suggestion for our blog, feel free to share it with us by emailing info@gowinglaw.co.uk. One of our helpful team members will be in contact about when we will write about your ideas. We also update our blog with information about different seasonal events and holiday topics.

You should also keep an eye on our social media feeds to see our most updated videos and latest giveaways. We tend to celebrate holidays with new competitions and informative campaigns. So, make sure to follow both our Twitter and Facebook. You can find links to both our pages at the bottom of this blog.

We wish you the best of luck with your claim and look forward to seeing you in our next blog!

Did you know that you could make a PPI tax claim from the safety of your home? We understand that as we are currently under lockdown, you will not want to leave your home unless it is for essential reasons. However, Gowing Law Solicitors can help you get your pay-out for this tax claim from the safety of your home.

With all that going on, we understand that you may feel unsure about whether or not this is the right time to actually make a claim. You could be between jobs or perhaps struggling with your own business right now. Either way, your job status may make you feel like the claim simply isn’t worth it. It’s understandable that you don’t want to waste your time if you feel unsure about whether or not you get a pay-out. Instead, you need expert legal advice to feel secure that you are eligible for making a claim. Well, this is where our expert solicitors can step in to help you.

Call Gowing Law Solicitors today to get help with your claim at 0161 464 4444 or use the link below to visit our PPI Tax claims page.

What is a PPI Tax Claim all about?

Before we jump into how a job status could affect your PPI tax claim and pay-out, let’s go back to basics. That way you can understand precisely why you could be owed compensation. PPI actually stands for ”payment protection insurance”. Originally, it was used to protect people who took out loans or financial obligations. This included credit cards, mortgages and catalogue payments. Unfortunately, in most cases, a PPI pay-out did not actually cover the payments. Instead, you will find that the majority of cases actually had PPI mis-sold to them, as it did not suit their situation. Take a look at our infographic below to learn how you may have sold PPI:

If you have been mis-sold PPI then it is likely that you received a pay-out from HMRC to get your money back. Unfortunately, it is likely that you did not receive the entirety of your pay-out due to the tax being taken away from it. So now your question should be, why was the tax taken away from your PPI pay-out? Most likely, it was automatically deducted because of your bank or the potential that you would be pushed over your personal savings allowance (PSA). Let’s learn more about what PPI Tax is all about!

Why was tax taken away from my PPI pay-out?

So, now that you know more about what happened with PPI and the HMRC pay-out, you may be considering why you had PPI tax taken away from you in the first place. Now, in quite a few cases, the deduction was automatically completed by your bank. In this case, you would simply need to prove that the PPI tax was mistakenly taken away.

Unfortunately, in other circumstances, it may have been taken away because of your PSA. It’s important to understand that your PPI pay-out is made up of three things:

• The payments you made for your PPI
• Any interest that was added on from your bank for your PPI
• A statutory interest of 8% per year

The only thing that can be taxed from these categories is your statutory interest. If it was believed that the pay-out could have pushed you over your PSA then it is likely that the statutory interest would have been taxed. That means you would have lost out on part of your pay-out. Now, in most cases, you wouldn’t have gone over your PSA. Instead, it was just assumed that you would have gone over the amount you were expected to be at. This is why you can claim your tax back if you can prove that you did not go over your PSA and instead are owed your full pay-out.

Will my job status change the validity of my PPI Tax claim?

If you have decided to go through with your PPI tax claim, you may be worried about your job having an impact on the amount you get as a pay-out. Throughout the pandemic, many people have been experiencing job changes or have been put on furlough in order to keep getting a wage. The entire pandemic has turned the world upside down, therefore you may not want to consider what else a career change could affect.

The first thing we would like to say is that your job will not affect whether or not you receive a pay-out. Whether you are on a zero-hour contract, are self-employed or are working full-time, you could be eligible to receive a PPI tax claim pay-out. You paid for PPI and were entitled to receive a full pay-out when it was returned to you. If you can prove that you did not go over your PSA after you received your PPI pay-out, you have the right to have your overall pay-out returned to you. Your job status will not affect how much you receive. The only reason why you may not be eligible for pay-out is because your job’s wage and the amount of tax you pay has pushed you over your PSA.

Will I get a successful PPI Tax claim pay-out if I am currently working abroad?

Again, this falls under the same category as most job statuses do. In some cases, you may have taken out a loan (which included a PPI policy) to start a business abroad. Right now, if you are still abroad, you may feel worried that you are unable to get a valid pay-out. However, we would like to state that you will be able to get a pay-out with the help of a solicitor. You will be able to claim for your PPI tax if you have already received a PPI pay-out. The only difference is that your solicitor will need to use a different form to send to HMRC. Apart from that, you will receive the same advice that any other client would get.

Keep in mind that it also may take a little longer to get your pay-out as the cheque may need to be sent abroad. With the current pandemic, there may be delays. Therefore just be patient with your solicitor and with our law firm. We will do the best we can to get you the pay-out that you deserve.

How much could you get from a PPI Tax pay-out?

Another thing you may be considering is the amount of pay-out that you could receive from the PPI Tax pay-out. Everyone receives a different type of pay-out when it comes to their PPI tax claim. It entirely depends on the amount of PPI you paid into or how far over your personal savings allowance you are. The pay-out you receive may also depend on the amount of tax you have already paid into. Take a look at the estimates for a pay-out below:

• Basic Rate Payers at 20%: £1000 tax free
• High Rate Payers at 40%: £500 tax free
• Top Rate Payers at 45%: Unfortunately you are not eligible for a pay-out

These are only a few estimates when it comes to the amount of pay-out that you could receive. The best way to figure out how much you are actually owed from your PPI tax pay-out is to speak to a solicitor about how much you could be owed. They can look at your personal circumstances and help you figure out whether or not you are eligible. Don’t be afraid to ask them questions about what you could be owed. Gowing Law’s tax specialists will always be here to help you get the pay-out that you deserve.

How long will it take to get a PPI tax pay-out?

Another question that you may have about your PPI tax is how long it may take to get a pay-out. Now, this is where things get a little tricky. We would say that the usual timeline for a PPI tax claim is around 6-8 weeks. However, with the current lockdown, it is likely that your PPI tax claim will take a little longer than expected. This is due to a backlog of UK court cases. It is also due to the fact that the majority of people are currently working remotely in order to avoid spreading Covid-19. Please be patient with your solicitor, however feel free to ask them for updates about your claim. They would be more than happy to answer any additional questions you may have about PPI tax claims in general.

How could a PPI Tax solicitor help me with my claim?

One of the best things about having a tax claim solicitor on your side is that they can work with HMRC on your behalf to ensure that you get the pay-out that you deserve. That way small mistakes can be avoided and you can get the pay-out that you deserve as quickly as possible. An experienced tax solicitor can also give you advice and free consultations to make sure you understand what could make you eligible for a certain claim. Even if you have already been rejected by HMRC, they will make sure that you get a second chance. Filling out paperwork can be tricky, that’s why we are here to ensure that it is all filled out properly. That way you know that your claim is in safe hands.

You can always ask for an update about how your claim is going from our firm. Our experts will be available at any time to talk you. So, feel free to keep checking in to see how it is progressing. Working on a PPI tax claim alone can get very demoralizing. That’s why it can be useful to have someone with the right legal experience encouraging you and giving you the right help. That way you can get your claim sorted as quickly as possible. Your PPI tax cheque will then be sent out to your home.

Gowing Law Solicitors is here to support you with your claim

No matter what sort of claim you need help with, Gowing Law Solicitors will be here to support you through it. Not only do we have tax specialists employed to help with your PPI Tax and Marriage Tax Claim, but we also can help with will-writing, financial mis-selling and personal injury claims. Feel free to contact us for free advice and consultations to start your claim. If you are happy to work with our specialists, our solicitors can offer their skills 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. You will not need to pay your solicitor unless they win your case. This means that all costs will be entirely upfront.

Contact Gowing Law Solicitors today by calling 0161 464 4444, emailing info@gowinglaw.co.uk or by using our new claims checker. From there, one of our lawyers will be in contact. They will discuss your claim and make sure you get the support you need. Feel free to talk to them about your claim. You do not have to immediately work with them. Instead, find out the information that you need. Your solicitor can let you know how to proceed, if you are happy to do so. We look forward to helping you with your claim soon!

Learn more about PPI Tax Claims

Don’t forget that if you want to learn more about tax claims, all you need to do is visit our blog! We are proud that we are able to update it every week. This is with brand new content about legal claims, seasonal events and information about Gowing Law’s latest projects. You can write into us if you have a topic that you would like us to discuss on our blog. Send in your suggestions to info@gowinglaw.co.uk. You should also follow our social media in order to see our latest giveaways and competitions. We update it with links to our blogs and videos. You can find the links to our Twitter and Facebook below. Please follow them to learn more about our company and latest updates.

Making a PPI Tax Claim can be frustrating to claimants when they are unsure of the claims process. If you originally received a PPI pay-out, you may have assumed that was it. HMRC had returned the money that was owed and you would never need to hear about the word PPI ever again. Unfortunately, as it has been proven that 20% of PPI pay-outs may have been automatically taken away by your bank, it seems as if you are destined to make another claim in order to try and get your tax returned to you in good time.

Dealing with any type of tax claim on your own may leave you with hundreds of questions and worries. That’s why it is always useful to have the help of a PPI tax specialist on hand instead of going about the claim on your own. With the help of a specialist law firm, you can avoid making mistakes and issues that could invalidate the claim and make the process more difficult to deal with.

Over the last year, Gowing Law Solicitors has been able to reclaim around £10,000 in rebates for our clients. We are ready to do the same for you as well! To get started, all you need to do is call 0800 041 8350 or visit our claims page below:

The Basics of PPI Tax Claims

Before we jump into how a solicitor can help you move forward with your PPI tax claim, we should talk a little about what PPI tax claims are all about. That way you can understand why you are owed a pay-out in the first place. PPI stands for “Payment Protection Insurance”. Originally, it was used as a safety net for those who took out payment plans (such as credit cards and loans) and needed extra funds to keep up with expenses. However, as it did not provide a pay-out that could fully pay back a bill, it actually ended up being relatively useless. In most cases, PPI was actually mis-sold to different clients around the UK. This mis-selling could have been due to:

• The person being self-employed or now living abroad
• The person being pressurised to buy the policy
• The PPI automatically being included in the policy
• The client not knowing that they had bought PPI

This is why you received a pay-out from HMRC when It was found out that the policy was mis-sold. The compensation was made up of your PPI pay-out, any interest that was added to PPI by your bank and a statutory interest of 8% each year. If you have lost out on some of your pay-out, it is most likely that it was taken as tax from you as statutory interest. You can claim this back by creating a PPI Tax claim with the specialists from Gowing Law Solicitors.

Why did I have my tax taken off in the first place?

So as we said before, there are three main components that make up your PPI pay-out. The tax is taken away due to your statutory interest of 8%. Now, originally your PPI pay-out was supposed to get you back to what you originally should have been at financially. You lost money because of your PPI payments and this pay-out is supposed to get you back to the amount you were estimated to be at. However, if it is believed that the pay-out will actually push you over your personal savings allowance then this is what may have been the reason that your tax was taken off you in the first the place.

However, keep in mind that this could have been done be mistake. There is also a chance that it could have been taken away automatically by your bank. That means you could have had around 20% deducted without any reason. This is why it is crucial that you get a tax specialist from Gowing Law Solicitors to help you get this tax back. They can work with HMRC on your behalf to make sure that you get the pay-out that you deserve.

How can a solicitor help me with my PPI Tax Claim?

Tax claims can get pretty complicated. The same can be said about making a PPI tax claim. You may feel as if you can handle it on your own, but at the same time there are lots of small mistakes that could invalidate your claim and leave you feeling confused as why HMRC did not accept your application. This is why it is important that you get the help of a specialist tax claims solicitor on your side. They can ensure that you get the pay-out that you deserve. Have a look at our infographic below to get an idea of some additional benefits of having a tax specialist help with your claim:

As you can see, our solicitors can help you in many ways if you are trying to sort out a PPI tax claim. They will work with HMRC on your behalf and fill out any paperwork that will ensure that your claim is settled. Our trained team of solicitors can talk you through your claim and make sure that you are kept updated about what stage your PPI tax claim is at. It can get frustrating to have your claim invalidated. That’s why we want to work alongside you to ensure that you get the pay-out that you deserve. Our claims team can help you even if you have already been rejected for your PPI tax. We will make sure to get you the pay-out that you deserve.

PPI Tax Claims Solicitors & Updates

We understand that our clients may feel a little unsure about taking on a PPI tax claim on their own. They may not have the legal experience to get a successful claim or even know where to start. This is why we want to help our clients as much as possible. Unless you are subscribed to all of the biggest UK legal channels and websites, you may not be able to keep up with the latest law changes. With Brexit potentially having the influence to change UK laws in the near-future, you may feel worried that your claim could be affected by something that you do not fully understand or know about.

This is where a trained tax expert can help you. Our law firm can give you free advice and consultations about any sort of claim. This is with no-obligations attached. Instead, we just want to help you keep informed about whether or not the latest legal updates could affect the status of your claim. That way you can decide for yourself whether or not you think it is worth pursuing it. Our PPI Tax Claim Solicitors are here to help. They have the experience you need to achieve a successful compensation claim.

What should I do if I have already been told I cannot make a PPI Tax claim?

The first thing that you should avoid doing is panicking. We understand that it can be a disappointing experience being told you are not valid for a pay-out. However, there is hope that you were only rejected because of some form of invalidation. Mistakes can be easily made on a PPI tax form. It could have been something as simple as filling out your wage incorrectly or any other personal details. That’s why it is wise for you to go to a PPI tax specialist for help. So far over the last year we have managed to collect £10,000 in rebates for our clients. We are aiming to do even better this year. That’s why we also help our clients who have already been rejected by HMRC. Overall, we are determined to help you get a valid pay-out.

How will I receive my PPI tax claim pay-out?

Once we have successfully negotiated with HMRC about your PPI tax claim, the pay-out should be sent as a cheque. You will receive a letter to confirm that it is being sent out. Once we receive the cheque then we will sent it to you in the mail. You can then deposit it in your bank and feel settled knowing that your claim has been sorted efficiently and quickly.

How much can I receive from successful PPI Tax Claims?

This is where it gets a little tricky. Whenever someone gets a pay-out, the amount they get entirely depends on their own personal circumstances. So, someone who paid a higher amount of tax is more likely to get a higher pay-out. It also depends on the person’s own personal savings allowance and how much they have gone over it. Take a look below to get an idea of how much you could claim:

• Top Rate Payers (45%): Unfortunately, you will not eligible for a PPI tax rebate
• High Rate Payers (40%): You could earn up to £500 completely tax free
• Basic Rate Payers (20%): You could earn up to £1000 completely tax free

If you have had around 20% of tax taken away from your pay-out, there is a chance you could claim it back by proving that you did not go over your personal savings allowance. Your solicitor will be there to help you gather evidence and ensure that you get the pay-out that you deserve. All you need to do is let them know exactly how much you have had taken from your pay-out. They can then work with HMRC on your behalf to ensure that you get the compensation that you deserve.

Be aware of court delays!

As you may have read in our image before, there is a chance that there could be delays with your claim. The current lockdown has caused several delays in the UK Court system. That means that there could be a chance that you have to wait a little longer in order to have a successful claim. Please be patient with your tax claims specialist. They will do their best to ensure that you get the pay-out that you deserve. However, it may just take a bit more time than expected. Our lawyers would be more than happy to keep giving you updates on what is happening with your claim. Just get in contact to find out more from your own PPI tax claim solicitor.

Speak to a Tax Claim Specialist today from Gowing Law Solicitors

If you are ready to get your PPI Tax Claim sorted with the help of a trained tax specialist, our team from Gowing Law Solicitors will be here to help you. We want to get you the pay-out that you deserve to ensure that you no longer need to worry about this type of tax claim in the future.

To get started with your claim, or to find out more information about your PPI Tax Claim, you can come to our solicitors for no-obligation advice and consultations. They will guide you through the claims process and ensure you know how much you can claim. If you are happy to work with our team, we can offer our services on a “no win-no fee” basis. That means you will not need to pay any hidden fees and will always come out on top. You will only need to pay our solicitors if you have a successful claim.

Contact our solicitors today to begin your claim. Call 0800 041 8350, email info@gowinglaw.co.uk or use our claims checker to get started today!

Read more about making a PPI Tax Claim

Here at Gowing Law Solicitors, we are proud that we have a blog that we can update on a regular basis about the latest information on tax claims and personal injury claims. If you want to make sure you are kept up-to-date on the latest information for UK claims, and are notified of any changes in policy, our blogs will be here to help. They are updated with the latest information about our company, UK law and any seasonal events. That’s why it is important that you keep checking to see what’s new with our firm.

We also update our social media to ensure that our clients are always kept updated about what we have been up to. All you need to do is click the links below to visit our social media page!

Good luck with your PPI Tax claim! We look forward to seeing you in our next blog.