PPI Tax Claims: Get a little extra this Christmas!
PPI Tax Claims may seem a little intimidating when you first hear about them, but they are not as complicated as you may think! In the UK, there are people who could be owed £100’s in PPI tax compensation. That’s why Gowing Law Solicitors is will get you a refund of your tax before Christmas. 2020 has been a bad year for everyone around the world. Covid-19 has caused so much financial and emotional stress for people in the UK. We want to get our clients a little extra back this Christmas. Claiming back your PPI tax means you can put away the pay-out for Christmas, or you can save it for a rainy day. The choice is yours!
Gowing Law is here to support you throughout the Christmas period with your PPI tax claim. This year we have managed to claim around £10,000 in rebates for our clients. We intend to keep going and make sure that people around the UK get the pay-out that they deserve. The best way to find out if you are eligible to make a claim is to speak with Gowing Law Solicitors yourself. Click on the button below to get started!
Why should I make a PPI Tax Claim before Christmas?
As we stated before, the UK has been through a rough year. Not only are we still going through the second lockdown, but so many people have lost their jobs and are currently struggling to maintain their livelihoods during the winter season. That’s why we want to give our clients something a little extra before the end of the Christmas season from HMRC. We will make sure that you get the highest amount of compensation possible. Even if you have already been rejected for a PPI tax pay-out from HMRC, Gowing Law can help you figure out why you were rejected.
Gowing Law’s Solicitors will fill out of the paperwork on your behalf. That way there will be no mistakes. All you need to do is tell us the basic details of your claim and we can do all of the hard work. This means you will just need to sit back, wait and let us get the cheque sent to you. It’s that simple and can get you a little extra spending money just in time for Christmas.
PPI Claims: What do I need to know about them?
Before we jump into PPI tax claims, let’s have a small chat about why the tax was taken off in the first place. Now, PPI stands for Payment Protection Insurance. It was originally sold as a safety blanket for those who took out some sort of payment plan. This included credit cards, home insurance, catalogue schemes and many other different types of loans. The problem with PPI is that most of the time the policy did not fit the person buying it, or the payments were not enough to cover the amount needed to pay off the loans. Therefore, having PPI scheme ended up being completely useless.
That is the why the UK government decided to return the amount that their clients spent on their PPI. The only problem was, when the PPI amount was returned, in most cases around 20% of tax was taken away by HMRC. That tax can be returned through a PPI tax claims. This is where Gowing Law wants to step in to help our clients in the simplest way possible. We have created our own PPI tax form just to make things a little simpler!
Why did HMRC take tax off my PPI pay-out?
In some cases, taking off PPI tax from your pay-out may have been an automatic transaction by the banks at 20%. However, in other cases, your personal saving’s allowance may have been over-estimated without actually being checked. So you may have lost out due to the mismanagement of your funds. Take a look at the infographic below to learn how you could be eligible for a PPI tax claim:
Now, as you can see these are only a few ways that you could be eligible for PPI tax claims. Everyone’s circumstances are going to be different. That’s why it is essential that you get in contact with a solicitor as quickly as possible. That way you can find out for yourself whether or not you could be eligible for any sort of PPI tax claims. Above all, it’s also the best way to find out the answers to any questions you have about PPI tax claims in general. Our solicitors can make sure you know exactly what you need to make a claim and get a pay-out in good time.
Why was I charged PPI tax in the first place?
You may be wondering to yourself, if I was owed a pay-out from my PPI, why was I charged anything at all? It may seem completely unfair that you were charged for a policy that you may not have even wanted in the first place! Well, that’s why it’s entirely within your own right to try and get your money.
Just to explain the basics of PPI tax claims, the pay-out you received from HMRC is actually made up of three things. These are:
Out of all of these things, the only thing that can be taxed is the statutory interest. However, if you have not gone over your personal savings allowance then this should not have been taxed in the first place. Your pay-out should have got you back to the amount you were originally at before you paid any sort of PPI. Unfortunately, 20% may have still been taken away as PPI tax. That’s why you have every right to make a PPI tax claim to get your money back.
How much could I get from a PPI tax pay-out?
If you are interested in PPI tax claims, you may be interested in the amount of money you could get as compensation. First thing we need to say is that every pay-out is different. For some people they could be owed £100’s, depending on the complexity of their case. That’s why we would always recommend that you speak to your lawyer so that you can estimate how much you are owed.
The amount you get for your PPI tax claims depend on the amount of tax you pay and your PSA. Take a look below to get an idea of how much you could get depending on your tax status:
- Basic Rate Payers (20%): £1000 of savings tax free.
- High Rate Payers (40%): £500 of savings tax free.
- Top Rate Payers (45%): Sadly, you are not eligible for PPI tax claims.
As you can see, the amount of tax you pay does end up making a difference when it comes to your pay-out. Speak to Gowing Law today to get a more rounded estimate about how much you could get. We will make sure to do the negotiations on your behalf with HMRC. Even if you have already been rejected from HMRC, our solicitors can find out what happened and make sure that your next claim is completely validated.
How long will it take to make a claim?
With the recent backlog of UK court cases, it’s important that you are patient with our lawyers. The pandemic has caused a lot of problems in the UK, but we will still endeavour to get your claim sorted in a reasonable manner and as quickly as we can. We estimate that it should take around 6-8 weeks after you have filled out our form and have spoken to our solicitors. Feel free to ask them any questions you may have about your claim. You may also want to also check in and create a timeline so you understand what stage your claim is at. That way you will always be informed about where we are at with your claim and how you can help us move it forward.
How can a solicitor from Gowing Law help me?
Gowing Law is ready to help you with your PPI tax claim. That’s why we want to make sure that you get all the assistant you need when filling out the tax forms. Our solicitors can do this for you and make sure that your claim is completely valid. They can avoid any simple mistakes and ensure that you get your pay-out in a timely manner. Make sure to get in contact with us before the new tax year. That way you can make sure you have tax appropriately backdated.
Our firm has also created a simple PPI tax assessment form to make things even easier for our clients! That way when you get to Christmas time, you will have a little extra in your pocket quickly. You can spend that on your loved ones.
Gowing Law’s solicitors are extremely experienced and will be able to advise you on the best way to move forward with your claim. You can always trust our experts and they will let you know exactly where you stand and how they can help you.
Is Gowing Law doing anything else for Christmas?
Gowing Law is determined to get our clients a pay-out from their PPI tax claims and Marriage tax claims before the end of the Christmas season. We want to make sure that you get an extra present from HMRC before the end of the Christmas period. If you want to make a claim, get in contact with us. We would be more than happy to guide you through the claims process!
Asides from that, Gowing Law is prepping for the Christmas season. We have a number of giveaways, competitions, blogs and videos planned for your enjoyment. Makes sure to keep an eye on our blog page and our socials. That way you can see what the latest information is about our Christmas plans! We will not disappoint.
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Contact Gowing Law today about PPI tax claims!
Gowing Law’s solicitors are here to help you get the PPI Tax compensation that you deserve. Our solicitors will offer you free advice and consultations. If you are happy to work with them, they can help on a “no win-no fee basis”. That means you will always come out on top when it comes to your claim. You will never need to pay for any hidden fees and we will always be upfront about our costs.
Contact Gowing Law today by calling 0800 041 8350, emailing info@gowinglaw.co.uk or using our claims checker. One of our helpful staff will then be in contact. They will help you understand what you need to do next to move your claim forward. Feel free to ask them any questions you need answered!
Learn more about PPI Tax Claims
Gowing Law is extremely proud of the blog on our website. We always endeavour to update it with new content that will keep you amused. This includes the basics of compensation claims, Gowing Law’s seasonal events and any updates that are happening with our firm. This includes more information about PPI tax claims during the seasonal period. Make sure to always check back once a week to see what’s the latest with our blog.
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Good luck with your claim and Happy Christmas!
