Category: PPI Tax refunds

Making a PPI tax claim in 2021 may be the furthest thing from your mind right now. We understand. It’s a brand new year and Gowing Law wants to make sure that you start off the year on a good note. For some, they may be more worried about Covid-19 and how tier 4 may affect their livelihood. But others may be more concerned about the arrival of Brexit and how it’s going to change the world of work, travel and their daily lives. But for us, our main objective this year is to get our clients the money back that they have lost when paying tax on their PPI claim.

So far, we have been able to help people all over the country claim back their PPI tax that may have been automatically deducted from their overall pay-out. In 2020 alone, this has rounded up to around £10,000 in rebates! That’s why Gowing Law’s Solicitors are determined to do the hard work to get you a successful PPI tax pay-out in 2021. You can put away the money for a rainy day or use it to treat yourself. The choice is entirely yours!

Click the link below to visit Gowing Law’s PPI tax claim page and start your journey with our helpful lawyers today. You can also call us on 0800 041 8350 to get advice from our solicitors on how you get started.

Am I eligible to make a PPI Tax Claim in 2021?

For the last year, Gowing Law has been working tirelessly to get our clients a successful PPI tax claim where they can get their money returned from HMRC. However, now that 2021 has rolled around, you may be worried about whether or not you could be eligible to make a PPI tax claim yourself. All tax claims have a limit on them. Whether you are looking to claim back the tax on your PPI or you are interested in making a marriage tax claim, you should have around 4 years from the previous tax year from when the over-payment occurred. Have a look at our example below to understand how the timeline works:

Am I eligible to make a PPI Tax Claim in general?

To understand whether or not you are eligible to make a PPI tax claim, you need to know about the background of PPI claims in general. PPI stands for “payment protection insurance.” Originally, it was used as a safety net for those taking out financial payment schemes. This included credit cards, lending schemes and catalogue payment plans. If you got ill or did not have the money to pay back what you owed, your PPI would be able to cover you until you got the funds needed to clear your debt.

However, in the majority of cases, the PPI scheme did not provide enough money to cover the payments. In fact, in most cases it was simply mis-sold. Most people:

• Did not realize they were sold PPI
• Were pressurized into buying a PPI plan
• Had the plan inserted into their payment policy without being told
• Received a policy that did not suit their financial needs (i.e. they were self-employed or were working abroad.)

These mis-sold policies usually meant that people were losing more money that they realized. That is why the government allowed people to reclaim this money that they had lost by purchasing a PPI policy. The problem came from the fact that HMRC issued a refund but took away tax, meaning that clients did not get the full amount they were owed. To be eligible for a PPI tax pay-out in 2021, have a look at the criteria below.

Are you eligible for a claim?

If you feel a little confused about whether or not you are eligible to make a claim, the best way to find out more is to speak to your solicitor about your eligibility. Every financial situation is going to be different. That’s why it’s best to go to someone who has the legal experience necessary to let you know whether (or not) your claim is worth pursuing. Gowing Law Solicitors will make sure you understand exactly what you are owed and how you can claim it back.

Why did I have PPI tax taken away from my PPI pay-out in the first place?

If you have been mis-sold PPI, and did not get the full amount returned to you, you may be considering whether or not you can make a successful PPI tax claim. Your PPI pay-out consisted of three things. These were:

• The amount you paid for your PPI
• Any additional interest that was added to your PPI payments
• A tax of statutory interest that wad added at 8% every year to both the PPI payments and PPI payment interest

The pay-out you received was supposed to help you get back to the original amount you were at. However, if you did not go over your personal savings allowance (PSA), then the bank may have automatically taken away tax without realizing you did not go over your limit. Only your statutory interest can be taxed. That’s why 20% of your payment may have been taken away. However, you can claim this back with the help of one Gowing Law’s tax specialists.

Could I get a big pay-out from making a PPI tax claim?

It is possible that you could get £1000’s from your PPI tax claim. However, it is important to remember that the amount you get does depend on how much you paid in. Everyone’s financial situation is different. It also depends on your tax band and statutory interest that you paid in. Have a look below to see an estimate of how much you could be paid through your PPI tax claim, depending on your tax bracket:

• Top Rate Payers: If you pay around 45% in tax, you are not eligible for a PPI tax claim.
• High Rate Payers: If you pay around 40% in tax, you could claim around £500, tax-free.
• Basic Rate Payers: If you pay around 20% in tax, you could claim around £1,000, tax free.

Even if you have been rejected before for a PPI tax claim by HMRC, you could be owed money that you will need a solicitor to help you claim back. A solicitor can help you estimate how much you could be owed and how you can quickly get your payment back. Just keep in mind that it may take a little longer due to the current UK court backlog.

Could the current pandemic interrupt my PPI Tax Claim?

As tier restrictions will cause problems for most people around the UK, you may feel a little worried that the pandemic may interrupt your PPI tax claim. Covid-19 has already taken its toll around people in the UK. They have lost their jobs, suffered from Covid-related work accidents and have had loved ones pass away. You may be focusing on writing your own will and may think that right now the best thing to do is just to keep to yourself and wait for the pandemic to blow over.

That’s fine if you want to do that. However, if you have a PPI tax claim in the works, you don’t need to worry. Working with Gowing Law can mean that your tax claim will progress as planned. All of our staff are working remotely, that means they can keep helping you with your claims without putting themselves (or you) at risk. The only difference is that it may take a little longer to process your claim due to the delays with HMRC, the banks and the court system. Be patient and keep in contact with your solicitor. They will make sure to alert you when your cheque comes in and let you know if there are any additional delays.

Can a solicitor help me with my PPI tax claim?

One of the things that we value as a professional Manchester law firm is simplicity. We understand that tax claims can feel extremely complicated if you do them on your own. You may feel nervous about making mistakes that may invalidate your claim, especially if you have little legal experience again. That’s why we would highly recommend that you get in contact with our firm to get your PPI tax returned to you quickly and efficiently.

We have made the PPI tax claim process simple for all of our clients. All you need to do is fill out a few details and then let your lawyer fill out the R40 form for you. They can even work with HMRC on your behalf and keep you updated about when your cheque will be sent out to you.

What could invalidate my PPI tax claim?

Unfortunately, there are a few ways that you could invalidate your PPI tax claim. This includes accidently writing the wrong figures on your R40 form. It could also include not providing specifics about your tax bracket or how much you earn. You may also have to provide information about your wage. This includes how much you paid for your PPI and evidence. The evidence can prove you were unfairly taxed as you did not go over your PSA.

By having a tax specialist fill out the form for you, and give you guidance and advice on how to get a successful PPI tax claim, you can simplify the process. That way you can feel at ease that you will get the pay-out you deserve. All of Gowing Law’s solicitors are experienced and know exactly how to help their clients get their money returned to them quickly and efficiently. Just let our solicitors know how they can help you and you can both get started on your PPI tax claim journey together.

Get in contact with Gowing Law Solicitors about your PPI Tax Claim

Gowing Law Solicitors are here to help you with both your marriage and PPI tax claim. All you need to do is message us to get started! Our tax claim experts are experienced lawyers and want to get you the highest amount of compensation possible. They can offer you free advice and consultations to get started. These will be handled remotely so you can remain safely at home. If you are happy to work with us, feel free to let us know. We can offer you our services on a “no win-no fee” basis. That means you will always come out on top and you will never need to worry about any hidden fees. If we win your case, we will let you know how much you need to pay for our services.

Contact us now by phoning 0800 041 8350, emailing info@gowinglaw.co.uk or by using our claims checker. From there, one of our specialists will be in contact to help you through the process. You can also fill out our PPI self-assessment form or use our LiveChat to speak to us directly. We will try to get back in contact with you as quickly as possible about your claim.

Learn more about Claims from Gowing Law

We are very proud our law blog! Every week we update it with the latest information about legal claims, UK policies and seasonal updates. We have many other blogs that discuss PPI Tax Claims in great detail. So, make sure to scroll through our blogs to find the right content for you! If you cannot find a topic that interests you, let us know. We will write up a blog about your questions. Feel free to send us your suggestions to info@gowinglaw.co.uk. You can also follow our social media to learn about our latest giveaways, competitions and seasonal events.

We wish you the best of luck with your PPI tax claim. Gowing Law looks forward to seeing you in our next blog. Happy 2021!

Ready to get an extra present from HMRC during the holiday season?

PPI Tax Claims are the last things you’re going to be thinking about this Christmas. However, throughout the holidays, Gowing Law has been determined to get you your PPI tax back in your pocket. We understand that the tax claim process can be daunting. That’s why it’s a great idea to have someone with legal experience on your side. Our solicitors are tax specialists. They help you get the pay-out that you deserve from HMRC in the New Year. All it takes is around 6-8 weeks to have a successful claim. So what’s stopping you from reaching out to us to get started?

Contact Gowing Law today to get started on your claim. You can use the link below to visit our PPI tax claims page:

What is PPI Tax?

Previously, if you had taken out a financial scheme to help you purchase something expensive, like a mortgage, a credit card or catalogue, you would have most likely been sold PPI along with it. PPI stands for Payment Protection Insurance. This would have been used as a safety net just in case you could not pay back your loan. However, in most cases it would not produce enough of a payment to cover the expenses of the financial obligation. It was also often mis-sold to people who did not actually need it, such as people who were self-employed or were going abroad to start a business. Even worse, some people did not even know that they had purchased it! It was just included in their financial contract.

To make up for this, PPI was refunded from HMRC to the people who had initially bought it. Unfortunately, not all of it was actually returned. In some cases, in order to compensate for the buyer’s personal savings allowance (PSA) amount, banks may have automatically deducted around 20% in tax. It is this PPI tax that you could now claim back with the help from Gowing Law Solicitors.

Why did I have to pay PPI tax in general?

If it was assumed that you were going over your PSA then you may find that 20% of your PPI pay-out was taken away. Your actual pay-out actually was made up of three things. Have a look at the infographic below for more information:

As you can see, the thing that actually makes up your PPI tax is your statutory interest. If you had not gone over the PSA in the first place, the bank should have never have charged this interest. The main purpose of PPI tax is to get you back to the original amount of funds you should have been at if you never paid the tax. So, if they have taken away some of your money without realizing it, you are eligible to get these funds returned to you. All you need is the help of a trained solicitor to get you on the right track!

How much could I get for a successful PPI tax claim?

Every pay-out is different. All over the UK, people could be owed £100’s in PPI tax and may not even know it! We also help people who have already been rejected by HMRC for their PPI tax claim. Your own pay-out will depend on the tax you pay. Have a look below to see which band you could fall into:

• Top Rate Payers at 45%: You will not be eligible for PPI Tax Claims
• High Rate Payers at 40%: You will be eligible for around £500 of tax free savings
• Basic Rate Payers at 20%: You will be eligible for around £1,000 of tax free savings.

When you speak to your solicitor on the amount of PPI tax you could be owed through your claim, make sure to let them know how much tax you pay, as this could affect your overall pay-out. Your solicitor will also need to be able to use it to fill in the forms needed to get your money back from HMRC. So be honest and upfront. That way you can get the pay-out back as quickly as possible.

How long will it take to make PPI Tax Claims with Gowing Law Solicitors?

It will take around 6-8 weeks to get your claim sorted with HMRC. However, keep in mind that due to the current pandemic and the backlog of UK courts. Therefore, you should be patient with your solicitor and make sure to keep updated about the latest position of your claim. We will make sure that you get expert advice and will process your claim as quickly as possible. You can rely on our trusted advisors to guide you through the tax claim process.

Get in contact with Gowing Law Solicitors about PPI Tax Claims

As tax specialists, Gowing Law’s solicitors are ready to give you the legal advice that you need to move forward with your claim. PPI tax claims may seem intimidated, but our lawyers can help answer your questions. Start off your journey with Gowing Law by coming to us for free advice and consultations. If you want to work with us, we can offer our services on a “no win-no fee” basis. That means you will always come out on-top and will not need to pay any hidden fees.

Contact our Manchester law firm today by phoning 0800 041 8350, emailing info@gowinglaw.co.uk or by using our claims checker. One of our specialists will then be in contact to get you started. You can also use our claims form located on our PPI tax claims page.

We’ve already got back £10,000 worth of rebates for our clients all over the UK! Let us do the same for you.

Learn more about PPI Tax Claims from our blog

Did you know that we have other PPI Tax Claims blogs located on our blog page? We always update our blog every single week with new content. This content is normally about UK law claims, legal updates and seasonal events. If you want to write in to give us a suggestion for our blog, feel free to send it to info@gowinglaw.co.uk. We would be more than happy to address your questions on our blog. Make sure to also follow our social media to see our latest giveaways and updates.

Happy Holidays!

PPI tax may have been automatically taken away from the amount you were entitled to in your PPI pay-out. Did you know that the amount taken away from your full sum could be up to 20%? This is because it may have been automatically deducted from the full amount of money you expected to be paid. Gowing Law is ready to help you get you your money back. We can help you claim it back from HMRC if you just fill out our handy self-assessment form. It is completely understandable if you do not know how to claim it back yourself, or perhaps have already been rejected for a claim. This is where Gowing Law Solicitors can step in to help you understand exactly what you are owed.

We are a professional legal firm that can help you get to grips with the basics of PPI tax and any additional questions you may have about PPI and PPI tax in general. Our solicitors will always be here to guide you through your claim. You shouldn’t delay in your claim. After all, you only have 4 years to claim after your tax year ends! Instead, start your PPI journey with Gowing Law Solicitors today. Click the button below to be taken to our PPI tax page:

What do you need to know about PPI?

Before you dive into information about how you know if you are owed PPI tax, you need to understand information about PPI in general. After all, the only reason you lost money is because you bought a PPI policy in the first place. PPI stands for “payment protection insurance.” It is usually bought to accompany some sort of loan or financial policy. You may have had it included in a:

• Credit Card Repayment Scheme
• Financial Loan
• Mortgage Payment Plan
• Catalogue Payment

If you had been told that your payment plan came with a form of cover, then this was usually PPI. PPI was used to ensure that you could keep repaying the loan even if you were ill or did not have the funds to cover it. The best way to think about it is that it was a safety blanket. It would provide a small amount of money so that you could keep up with the payments. However, a lot of the time people who bought these schemes may not have even realized that they were paying for PPI. This is where it may have been mis-sold.

What do I need to know about PPI tax?

Now, if you have written in to your PPI provider over the last 12 years, you have probably been able to claim for your PPI back. Many people believed PPI was compulsory or they were pressurised into buying this policy. That is why they were able to get their money back. However, if you fell into this situation, were you able to get your full amount back? If you were charged a higher tax rate, it is very likely that you did not receive the entirety of the pay-out that you were entitled to.

You have the right to have this tax returned to you if you meet certain requirements. This is where a Gowing Law Solicitor can help you with your claim. PPI tax can get complicated, but with the help of a legal professional, you can get a rough estimate about the amount of PPI tax you could be owed.

Why was tax taken off my PPI?

Let’s talk about what actually makes up a successful PPI claim. If you did receive money back from HMRC, it is going to be made up of three financial elements. These are:

• A refund of the money you put into your PPI.
• Any additional loans your bank may have asked you to take out to help pay back your PPI. Through this, your payments may have accumulated interest.
• Statutory interest was added every year to both sums. This should have been at 8%.

Overall, the duty of these categories was to help you get back to your original financial position before you were forced to pay for PPI. However, if you go over the original amount then this is seen as adding interest. If your interest goes over your personal savings allowance (PSA), there is a likely chance that this will be taxed. Only your statutory interest is allowed to be taxed. This is why you may find from your statement that you had 20% of your original pay-out taken away.

Now that you understand why you had this tax taken away, it is time for Gowing Law Solicitors to help you get it back from HMRC.

How can I tell if I have lost money due to PPI tax?

Naturally, you may have a number of questions about PPI tax claims, however the biggest on your mind is about how you can find out whether or not you can claim for tax back. If you are feeling confused about whether you can receive tax back, or perhaps why you may have been initially rejected for a PPI tax claim, Gowing Law Solicitors can help you.

The first thing that we would recommend is that you take a look at your PPI return statement. This should show whether or not any tax was automatically deducted from your initial pay-out. However, if you are still feeling a little confused about whether or not you could be owed any, you should come to a trained solicitor for advice. Gowing Law’s lawyers are tax specialists and so know exactly how to help you move forward with your claim. Not only can you fill out our quick self-assessment form, you can ask our solicitors for advice on your own specific situation. They can give you useful hints, tips and help about how you can tell whether or not you could be owed any money.

Remember, even if you have already been rejected for a PPI claim, there is no harm in going to a trained solicitor for help. You may have simply made a mistake in filling out your form, or perhaps claimed for the wrong amount. A tax specialist solicitor can help you understand where you went wrong and how you can move forward with your claim.

How much money could I claim from PPI tax?

One of the main things you need to know about any pay-out from PPI tax is that it depends entirely on your own situation. How much you paid in to PPI is how much you get out, therefore your PPI tax will depend on the amount that was taken away in the first place. Here are some examples of what you may be able to claim:

• Basic Rate Payers: 20% means that you could earn up to £1000 of saving interest completely tax-free.
• High Rate Payers: 40% means that you could have around £500 of savings tax-free.
• Top Rate Payers: 45% unfortunately means you will not be eligible for a PPI tax pay-out.

This is why it is so important to speak with a solicitor before you make your tax claim. If you still have all of your previous documentation about your PPI pay-out then your lawyer can help you estimate how much money you could receive back from the tax. That way you won’t have to guess figures and feel sad when the pay-out is less than what you expected.

What is the best way of getting my tax back?

Honestly, we would have to recommend filling out our self-assessment form. You can try and claim a PPI-tax refund on your own, however this can get extremely complicated fast. Gowing Law’s self-assessment form only requires the basic information about your claim. All you need to do is fill out the form and then one of our trained tax specialist solicitors can get in contact with you about your claim. They can guide you through the process and contact HMRC on your behalf. This will simplify the process and will only take around 5-6 weeks to get your money back.

Gowing Law has already helped so many people around the country to get the money back that they deserve. We don’t mean to brag, but so far we have actually managed to get over £10,000 in rebates! To get started, all you need to do is visit our self-assessment form below:

Have you been “Plevined”?

One thing that is important to bring up about losing money with PPI and PPI tax is the new PPI Plevin Rule. Now, if you go for this option then you will not be able to claim PPI tax back. But it should be something that you should consider if it applies to you.

If you fall under the Plevin rule, it means that more than 50% of your PPI’s overall cost was changed into commission for your lender. Should this not have been explained to you, or perhaps it was simply added to your bill and you paid without realising, you could be owed this back. Most of the commission taken by banks was actually paid at 67%. So, you could be owed this money back, plus any interest that was added to your total fees.

Think carefully about the type of PPI case you want to pursue. If you believe that you could get rewarded your money back from a PPI Plevin case then discuss this with your lawyer. They can help you move forward with your case and avoid any future pitfalls

Should I wait to make a PPI tax claim?

Most certainly not! No matter if you have a work accident case or some form of financial mis-selling, the longer you wait, the less likely that you will have the right evidence or amount of time needed to make the claim. For PPI tax claims, you have only around 4 years from when you received your PPI pay-out. In order to re-claim your tax you need to contact HMRC within this time period. Gowing Law Solicitors can do this on your behalf and get your money to you as quickly as possible.

Gowing Law is here to support you with your PPI tax claim

Here at Gowing Law, we are ready to make the PPI tax claims process simple for you. That way you can get your money back as quickly as possible. Take a look at our PPI tax rebate page now and fill out our self-assessment form. It should only take you a few minutes to get down your information so that one of our tax specialists can help you! We can offer help and advice completely free of charge. If you do decide to work with us, we work remotely to ensure that there is no threat of Covid-19. We can also offer our services on a “no win-no fee basis”. That means if we do not win your case for you, you will not need to pay any fees. So, what’s stopping you from making a PPI tax claim today? Nothing!

If you want to speak to someone directly about your claim, you can also get in contact with us by phoning 08000418350, emailing info@gowinglaw.co.uk or by using our contact form. We can also answer any questions you may have about your PPI tax reclaims. Feel free to get in contact at any time.

Want to read more about PPI tax claims

We update our law blog every week with new legal articles that can help you understand your rights when it comes to certain claims. We have a number of articles on PPI taxes, so why not check them out below:

• The top 5 questions about PPI tax claims
• If you received a PPI payout, you could be owed PPI tax from HMRC
• What could make me eligible for a PPI Tax Reclaim?
• The top reasons why you need a solicitor to help you with PPI Tax Claims
• Can I get a PPI tax refund if I’m Self Employed? Learn how!
• Do you want to claim PPI tax back? Here’s how it works!

Our blog also covers additional legal topics about financial mis-selling, cosmetic negligence claims, work accident and public injury compensation, RTA claims and criminal activity claims. Feel free to scroll through our blog until you find something you like. We are confident that you will like what you read. If you don’t see what you are looking for, why not write in to ask us to write about a certain topic? We would be happy to write an article about your questions. Feel free to send in your suggestions to info@gowinglaw.co.uk.

We look forward to hearing from you soon.

PPI tax claims are essentially for people who have not received the full amount of their entitled PPI pay-out. You may have claimed for your PPI but will have received a smaller sum of money than you originally expected. This is because 20% of your pay-out may have been automatically deducted due to tax! In certain circumstances you can claim this back from HMRC. We are currently claiming back tax for clients who have already tried to claim it back themselves or for people who don’t know they can claim. That’s why it’s a great advantage to have the help of a professional tax claim lawyer.

Gowing Law is here to help you with your claim and to answer any additional questions you may have about PPI tax in general. We understand that PPI tax claims can get complicated, therefore it is useful having an expert to talk about the top 5 common questions you may have about PPI tax reclaims. You can also visit our PPI tax page to begin your journey with our lawyers:

The Basics of PPI

Before we jump in to all of the common queries you may have about PPI tax claims, it’s important that you understand a little bit about PPI in general. After all, if you understand the basics, it will make it much easier to understand why PPI tax was charged in the first place.

PPI was usually sold alongside:

• Credit Card Schemes
• Loans
• Mortgages

It was used to make sure that if you got sick or injured, you still had emergency funds available to help you pay back what you owed. However, the PPI that was sold may not have actually been helpful to the person who bought it.

Therefore, if someone was:

• Self-employed;
• Pressurised into buying PPI;
• Living abroad;
• Or buying PPI believing it was compulsory

In the last 12 years, they could have claimed for compensation for these financial losses. If they wrote in to their PPI provider, they could have received a pay-out. However, the majority of people did not get the full amount they were owed due to higher tax rates being charged. This is where your PPI tax claim comes in to play.

What is PPI tax?

If you did make a successful PPI compensation claim, you most likely received a pay- out. So, you may have expected a certain amount in return. Now, a PPI pay-out is made up of three main elements. These elements are designed to get you back to your original financial position if you had not paid for PPI in the first place. They are:

• A refund of the PPI you initially paid in.
• Additional loans added to your PPI payment by banks to help pay it off. This should have added interest to your initial payments.
• Statutory interest that was added to both sums that were added yearly. This should be at 8%.

Out of these three categories, only statutory interest can actually be taxed. All of these categories are intended to get you back to your original financial position. However, if you go over your original amount, it can be seen as adding interest. Take a look at the statement you received when you were sent your PPI pay out. If it has had the tax taken away from it then this should be noted in the statement.

You may have automatically had 20% of this tax deducted from you original pay-out. But don’t worry, Gowing Law Solicitors is here to help you understand exactly what you could claim back from HMRC.

The 5 most common questions asked about PPI tax compensation claims

As we said before, PPI tax compensation claims can be very complicated. This means that when you come to our solicitors for help, we can get you back an amount of tax that was over paid. Take a look below to see if your question has been answered. If it hasn’t then please feel free to let us know by emailing info@gowinglaw.co.uk. We would be more than happy to help you.

1. How long will it take to make a PPI tax claim?

Normally, you will have four years to make a PPI tax claim. This will start from the end of your regular tax year. Gowing Law Solicitors has managed to help people all over the UK with PPI tax refunds, even if they have already been rejected by HMRC for a pay-out. After you have submitted your details to us, it usually takes around 6-8 weeks to receive your tax refund. Your solicitor will keep in contact with you about your compensation and will let you know if there have been any delays or complications. That way you know precisely what you need to do next.

2. How much money could I receive?

When we estimate how much you could be owed, it is based on your own personal circumstances and how much money was over paid. Most of the time the deduction will be around 20% and will depend on your own personal savings allowance (PSA). If you did not go over your PSA then you are definitely owed tax back. To put it simply, your rates may change the amount you are owed:

3. How long can I take to make my claim?

As you do have a time limit on your PPI tax reclaim, of around 4 years, we would recommend that you come to Gowing Law as soon as possible. Unfortunately, you can no longer claim for 2015/2016 as the deadline did pass for the tax year in April. It only takes a few minutes to fill out our self-assessment form, so what’s stopping you?

4. Can I claim if I am living abroad?

Of course you can! If you were mis-sold PPI tax whilst living in the UK, and then went abroad to work as self-employed or perhaps to open a new business, you can still claim this PPI tax back. This is because you were still a UK resident when you originally took the PPI out. Therefore, you are legally entitled to the money that is owed to you. All you have to do is get in touch with a trained solicitor to help you fill out the paperwork.

5. How will Gowing Law Solicitors help with my claim?

Gowing Law Solicitors is one of the top PPI tax compensation lawyers in Manchester. We help people all over the UK to get the pay-out that they deserve. Did you know that we have already won over £10,000 of rebates for our clients? In this difficult time, it is good to be able to get this pay-out so it can be saved for an emergency or a rainy day. Our clients have been extremely happy with our services. We get their compensation to them in a timely manner and use our expertise to help them with their claims. We can do the same for you!

Our lawyers are extremely experienced and would be happy to share their knowledge with you. We have even simplified the process by creating our own self-assessment form. That way you can get all of the key information of your PPI tax reclaim sent to us before you even get in touch with one of our solicitors. But don’t worry, our trained lawyers will guide you through the PPI tax pay-out process. That way you will never be left in the dark about where you stand with our law firm.

Gowing Law is ready to get your PPI tax compensation!

All of our solicitors are available to work with you on your PPI tax reclaim. All you need to do is get in contact with us. We can work with you remotely to ensure that you are kept safe from Covid-19. So, feel free to come to us for advice and even a helpful consultation. If you do decide to work with us, we can offer you our services on a “no win-no fee” basis. That means there is no risk you would lose money or pay any hidden fees. We will always be upfront about all of our costs.

Get in touch now by calling Gowing Law Solicitors on 0800 041 8350. You can also email us at info@gowinglaw.co.uk or use our direct messenger on our contact page. A member of our team will be in contact as quickly as they can to answer any additional questions you may have about PPI tax compensation claims

Read more about PPI tax claims

If you want to learn more about PPI tax claims, you should scroll through more of our blogs! We keep our blog updated on a wide range of articles all about financial mis-selling cases. This includes mis-sold pensions and mis-sold mortgages. We also talk about RTA compensation, work accident claims and much, much more. So make sure to keep an eye on our blog to see what we write about next.

Do you have any suggestions for blogs or questions we can write about? Let us know by emailing info@gowinglaw.co.uk. We can also sign you up to our newsletter to keep you informed about our services.

We hope you have enjoyed our blog and look forward to seeing you in our next article.

PPI tax is automatically taken away at 20% from your PPI payout. This means there is a high chance that you have not been awarded the full amount of what you have been owed when you made your compensation claim. You may be feeling a little cross that you were even charged tax in the first place on your refund. That is completely understandable. No one likes thinking that they are entitled to a large compensation fee, only to find that it has been taxed. This is why Gowing Law Solicitors are here to help you get your money back. PPI tax claims can be extremely complicated. That is why we have created a helpful self-assessment form to get you the support that you need. Start your PPI tax journey now with Gowing Law Solicitors and claim your PPI payout:

The basics of PPI

To understand the basics of PPI tax, you need to understand Payment Protection Insurance (PPI) itself. PPI was sold alongside financial lending schemes in order to protect people if they could not pay back the money due to emergencies, such as death, illness and unemployment. This was included in:

• Credit card schemes
• Mortgage schemes
• Lending plans
• Catalogue payments

However, a lot of PPI schemes sold were not actually suitable for the people who purchased them. For instance, if someone was self-employed, why would they need PPI to protect them since they were paying their own wages? Or, what if they were planning on moving abroad to start a business in a different country? These schemes were not personalized to suit the owner. Therefore, most people wasted money purchasing these protection schemes. This is why so many people claimed compensation for these losses until the deadline in 2016.

Why did HMRC take tax away from my PPI payout?

Your PPI pay-out/compensation is made up of three elements:

• A refund of the amount of PPI you paid in.
• Whether the bank added an extra loan to your pay-off of your PPI. This would have charged you interest.
• You received statutory interest (8%) on both of the previous sums for each year you got PPI.

Only your statutory interest can be taxed. If it is taxed then this will be displayed on your PPI pay out statement. This tax was taken off your PPI pay-out because the statutory interest was intended to get you back to your original financial position if you had not been mis-sold PPI. Therefore, it would count as saving’s interest, aka. Interest that has been created from your saved money.

How much time could it take to make a PPI tax claim?

This depends entirely on how complicated your PPI tax claim is. For those who work with Gowing Law, it can take around 5-6 weeks after you have submitted your details. Whether you have been rejected by HMRC before, or perhaps have never made a claim before, Gowing Law’s expert solicitors will get your money returned to you as quickly as possible. That way you can save your funds for a rainy day or you can use it to enjoy the summer. The more information you provide about your PPI tax and previous pay-out, the more likely that you will have a successful return.

Gowing Law Solicitors can help you with your PPI payout!

So far, Gowing Law Solicitors has been able to reclaim over £10,000 in rebates for our customers all over the UK. So far, all of our customers have been extremely happy with our services. Many of these clients did not even know that they were due back £100’s. All you need to do is use our online submissions form to get started. Fill in your personal details, claim details and then submit the form. Our friendly team will then get in contact with you as quickly as possible to discuss your claim and to get started.

You can also contact us by phoning 0800 041 8350, emailing info@gowinglaw.co.uk or by visiting our contact page to use our direct messaging feature.

Read more about PPI tax

As you can see from our blog, we update it with articles every week about different UK laws and legal topics. If you want to see more information about PPI tax, please see our previous blogs below:

• What could make me eligible for a PPI Tax Reclaim?
• The top reasons why you need a solicitor to help you with PPI Tax Claims
• Do you want to claim PPI tax back? Here’s how it works!
• Can I get a PPI tax refund if I’m Self Employed? Learn how!

Our blog also discusses financial mis-selling, work accidents, personal injury and immigration cases. If there is a topic that you would like us to cover, please let us know. Send it to info@gowinglaw.co.uk. We can also add you to our weekly newsletter. Just let us know!

We look forward to seeing you in our next blog.