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 firstname.lastname@example.org 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 email@example.com. 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.