Are you thinking about making a PPI Tax Claim? Well, we would highly recommend that you get in contact with Gowing Law Solicitors quick! The deadline for making a 2016-2017 claim is coming up on the 5th April. Therefore, you will need a legal expert to help you get the compensation that you deserve. We understand that making any sort of tax claim on your own can be a daunting experience. However, this feeling can be made worse knowing that you now have a deadline on your shoulders.
Well, try not to panic. If you come to Gowing Law Solicitors with your PPI Tax Claim, our experts can sort out all of the tricky paperwork and talk to HMRC on your behalf. That way you can stay at home, relax and wait for your cheque to be sent to you. All of our teams work remotely, therefore you, your family and our staff can be kept safe during the lockdown. However, we can still get your PPI Tax Claim completed in good time.
Start on your PPI Tax Claim today by calling us on 0161 464 4444 or by using our self-assessment claims form below:
The Basics of PPI: What do I need to know?
If you are thinking about making any sort of PPI Tax Claim, it’s important that you know exactly what you are claiming for. That way you can feel confident that you are going to be eligible to receive a pay-out. PPI stands for Payment Protection Insurance. Originally, it was used to protect you if you had taken out some sort of financial obligation, such as a loan or credit card. Unfortunately, in most cases it was very likely that the PPI was mis-sold to you. This is because:
- Your financial adviser pressurized you into buying PPI
- You did not realized you had bought PPI
- You were self-employed when you were advised to buy it
- When you took out PPI, you moved abroad
Those are only a few examples of how you were mis-sold PPI. However, you may have been paid back by HMRC for the unsuitable policy. You may have felt happy that you received a pay-out for your losses. Unfortunately, there is a chance that you did not receive the full pay-out. This is due to PPI Tax. But don’t worry, this is where Gowing Law Solicitors can step in to help you make a claim.
What do I need to know about PPI Tax Claim?
Now, when you get your PPI pay-out returned to you, it’s going to be made up of three things. These are:
- The amount you paid for your PPI
- Any additional interest/loans your bank placed on your PPI that you need to pay back
- A statutory interest of 8%
Now, the only thing that can be taxed is your statutory interest. If it is believed that the pay-out will make you go over your personal savings allowance (PSA), it is likely that you will not receive the full amount of your PPI that you were entitled to. In some cases, around 20% of your compensation could have been automatically deducted by your bank.
If you’re interested in making a PPI Tax Claim, here are some ways you could be eligible:
As you can see, there are a few ways that you could be eligible to make a PPI tax claim. The best way to figure out whether or not you could be eligible for a claim is to get in contact with a solicitor from Gowing Law. They can talk you through your own financial circumstances. That way they can give you tailored advice to ensure that you can understand whether or not you would be happy pursuing a claim. Feel free to ask them any questions that you may feel confused about. Our lawyers would be more than happy to go into detail about your claim.
Why is the 5th April 2021 so important when it comes to making a PPI Tax Claim?
If you are thinking about making a PPI Tax claim, it’s important that you are aware of the deadline coming up in April. As stated previously, you will have a time limit of four years to make a claim. April signifies the end of the current tax year. That means when April comes around this year, the deadline for claims from 2016/2017 will pass. If your claim falls into this time bracket, it’s essential that you get started on your claim as quickly as possible. You only have a few days to get your pay-out sorted from HMRC. That’s why it’s essential that you get legal support from a solicitor as quickly as possible. They can guide you throughout your claim and make sure that you get the pay-out that you deserve.
How long will it take to make a PPI Tax Claim?
One of the main reasons why it is essential to get your claim in as quickly as possible is due to the amount of time needed to make a claim. Normally, it would take around 6-8 weeks to get a pay-out from HMRC. However, with the lockdown, pandemic and current court case backlog, it is likely that your claim will take longer than you may have initially expected. If you get your claim in then at least your PPI tax will be in progress and you will be able to continue with it and claim back from HMRC. That’s why it is crucial that you get in touch to get started. Our solicitors will be there to give you advice on how to move forward.
Gowing Law Solicitors are here to support you!
Here at Gowing Law Solicitors, we are proud that we can help our clients with their PPI Tax Claim. We understand that making a tax claim can be daunting when you do it on your own. That’s why our specialists are here to guide you throughout the claim’s process. They can offer you free advice and consultations. If you are happy to move forward with them, you can work with them 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.
Learn more about PPI Tax Claims
If you’re interested in learning more about different tax claims, don’t forget to check out Gowing Law’s blog for more information. We update it every week with the latest legal information, as well as updates about our law firm and seasonal events. We even hosts giveaways and competitions on our blog. So, make sure to keep an eye on it to make sure you always are kept updated about what we are up to. You can also follow our Twitter, LinkedIn and Facebook below to see our latest content. This includes video content and information about how to get in contact with us.
We look forward to helping you with your claim soon!