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
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