PPI Tax Claims & Christmas Time: Let’s enjoy the holiday season!
PPI tax claims are the last thing you would think about at Christmas. But 2020 has been a hard year, no one can really deny that. With Covid-19 and the second lockdown. That’s why Gowing Law is ready to indulge in the Christmas spirit of giving. The best present we can get you is from HMRC in relation to your PPI tax claim. We know you deserve a pay-out from losing out on the tax for you PPI claim.
Don’t just send in a PPI tax claim on your own. Get the help of Gowing Law Solicitors to make sure that it is completely valid and can get you back £100’s as a pay-out. We are ready to spread the Christmas cheer with our legal expertise. You may not even know that you are eligible to make a claim. Well, it’s time for you to find out more about Gowing Law and PPI tax claims. Click the link below to learn more!
How is Gowing Law going to help with my PPI tax claim this Christmas?
Gowing Law’s main aim with PPI tax claims has always been to get our claimants the pay-outs that they deserve. Already, we have already managed to get around £10,000 in rebates for our UK clients. With our team on track and ready to go, we aim to increase this number over the holiday period. We’ve always wanted to help as many people as possible with their financial mis-handling claims. That’s why we also accept claims from people who have already been turned away by HMRC. You could have been turned away for very simple reasons, including:
- Incorrect paperwork
- Number mistakes about your PSA
- Incorrect facts and figures
- Filling out the wrong forms
Overall, we know that your PPI tax is #betterinyourpocket. That’s why we are ready to help you get your money back and the justice that you deserve for being mis-sold a policy. You should get the full amount of money that is owed to you without being forced to endure the fuss of tax forms. Gowing Law is here to support you throughout your PPI tax claim journey. We will make sure that you get your money back.
The basics of PPI tax claims: What do you need to know?
As you can see, before you make any type of PPI tax claim, there are a few things that you need to know. It’s always good to learn the basics of financial mis-handling claims. That way you can work with your solicitors feeling like you are prepared for any type of questions that may come your way.
Before you jump into your claim, let’s take a few moments to understand what PPI tax claims are all about. In the past, if you took out any type of financial agreement, you would find that your financial advisor would tell you to take out PPI as well. PPI stands for payment protection insurance. It was used as a safety blanket just in case you could not pay back your loan on a financial agreement, such as credit cards and mortgages, however in most cases it was mis-sold. Take a look at the infographic below to see how financial mis-handling occurred during the sale of PPI.
No one likes being pressurized into buying a product, but for most cases of PPI this ended up being the case. For those who were self-employed or moving abroad, it was completely pointless. That was why HMRC allowed for any mis-sold polices to be reimbursed. However, for quite a lot of people they found that around 20% of their pay-out was taken away due to the amount being taxed. That’s why they may have found that this was unfair considering the circumstances of PPI.
Why did you end up losing PPI tax?
Naturally, a PPI tax claim is about recovering the tax you have lost. There are three categories that make up your PPI rebate as a whole. These are:
- The amount you were given back for your PPI policy
- Any additional loans or interest that was added by the bank onto your policy
- The statutory interest that was added at 8% per year
Overall, the only thing that could be taxed on your PPI is the statutory interest. That’s why you may find that the assumption may be made that the refund of your money could have pushed you over your personal savings allowance (PSA). If this was not the case, then you may have found that 20% of your PPI tax was simply taken away for no reason. In other cases, it may have been taken away automatically by a bank without them actually checking your financial details.
By making a PPI tax claim you can claim back the money that was taken away from you. Gowing Law’s solicitors can help support throughout the claiming process.
Christmas is the perfect time to make a PPI tax claim
Whether you want to get a little extra spending money for the holiday season, or perhaps you want to save some money, you have every right to make a PPI tax claim in order to get a pay-out for HMRC. As this is the season of giving, if you want to make the PPI tax claim process easier, Gowing Law will be here in order to help you understand how much you could be owed. It entirely depends on your own PSA and how much you have gone over or under. Take a look at the GIF below to get an idea of how much tax you can claim:
Now, it is important to state that everyone’s pay-out will be completely different. This is because everyone has a different PSA and will be paying different amounts of tax. So, keep this in mind when you eventually start working with Gowing Law Solicitors. It will take around 6-8 weeks in order to process your claim and get the cheque back from HMRC. Be patient and keep in contact with your solicitor. They will always keep in contact with your to ensure that your claim is handled smoothly.
How do I know if I am eligible to make a PPI tax claim?
Now that you completely understand about the basics of PPI tax claims, and are preparing to make your own so you can get your pay-out just before Christmas, you may be wondering if you could be eligible to make a claim. We are always here to help our claimants. Even if you have already been rejected by HMRC, there may have been a simple mistake that just invalidated your claim. That’s why you may want to be more thorough this time to make sure that you definitely get the pay-out that you deserve.
To be eligible for a PPI tax claim, you may:
- Have spent under your PSA, meaning that there was no reason for it to be taxed
- Have made your PPI claim the last 4 years
- The tax was automatically taken away from your PPI claim at 20%
If you fall into any of these categories then you could claim back your tax without there being any problems. We would recommend that you file your financial documents in order to prove that you are a basic/high tax rate payer and that you were mis-sold PPI when you originally took out your claim. That way, when one of our solicitors in Manchester starts to work on your case, all of the information they need will be at their fingertips. If you ever feel confused about why they are asking for certain information, feel free to let them know! They would be more than happy to help and explain the process to you.
How can a Gowing Law Solicitor help me with PPI tax claims?
Not only can our trained solicitors help you with all of the tricky paperwork of your claim, if you are struggling to crunch together the numbers about how much you could be owed, or perhaps how much you have paid as PPI tax, Gowing Law can support you and can help you avoid making any mistakes that could invalidate your claim.
We can also let you know whether you can make a claim or not. If you have made a claim within four years then you will be eligible to make a claim. If it is any longer then there is a chance that you can no longer get the tax back. So make sure to make your claim as quickly as possible. The best bet is to do it before the new tax year.
In order to make things simple, Gowing Law has created our own PPI self-assessment form that only requires a little information to get started with your claim. That way you can let us know the basics and you can leave the tricky stuff to our tax specialists. We will make sure to do everything possible to ensure that you get the pay-out that you completely deserve.
What else is Gowing Law planning on doing for Christmas?
Naturally, with the Christmas season approaching, Gowing Law wants to spread the joy to all of our clients. We understand that it may be a bit of a bleak time for everyone, but we are ready to do our part to ensure that our clients get the best legal help possible.
In order to keep up with our law firm, we would recommend that you read our blogs, socials and sign up to our newsletter. That way you can keep an eye on our latest Christmas blogs, our giveaways and competitions over the festive season. We will make sure to keep you entertained whilst we handle your claim. That way you just need to sit back and wait for us to send you your check. It’s just that simple!
Don’t forget about our loyalty scheme!
Another thing that can brighten you up during the Christmas period is our loyalty scheme. If you have had a personal injury claim with Gowing Law then you could join our scheme. When you are a part of the scheme, all you need to do is recommend a friend to our firm. If we win their case then we will gift you £300.
But that’s not the only thing. Gowing Law is currently developing a loyalty scheme app that can reward our customers further with vouchers, gifts and prizes. The app will host weekly competitions and giveaways that you can get involved in. All you need to do is download it on your phone to get started.
When this app is ready, we will alert our customers to make sure that they can get involved. Don’t forget to check out our socials as well to see future announcements.
Get in contact with Gowing Law to help with your PPI Tax Claims
Whether it’s during the Christmas season or after, Gowing Law will always be here in order to help you with your PPI Tax Claims. To get started with our experienced solicitors, all you need to do is contact us. We can offer free advice and consultations to begin with. Then if you want to work with us, we can offer you 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 with their claim.
Call us on 0800 041 8350, email info@gowinglaw.co.uk or use our claims checker. We have also created our own self-assessment submission form that can help with starting off your PPI Tax Claim. Once it is filled in, one of our specialists will be in contact to move you forward with your claim.
Read more of Gowing Law blogs
Don’t forget to check back with Gowing Law’s blog to see our latest content. We update our blog every week with new topics. This includes UK legal updates, the basics of legal claims and special notices. If you cannot find a topic that interests you, make sure to write in and let us know about your suggestions. Our email is info@gowinglaw.co.uk.
Make sure to also follow our socials to see our latest giveaways and updates.
Happy Christmas!
