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Making a PPI Tax Claim can be frustrating to claimants when they are unsure of the claims process. If you originally received a PPI pay-out, you may have assumed that was it. HMRC had returned the money that was owed and you would never need to hear about the word PPI ever again. Unfortunately, as it has been proven that 20% of PPI pay-outs may have been automatically taken away by your bank, it seems as if you are destined to make another claim in order to try and get your tax returned to you in good time.

Dealing with any type of tax claim on your own may leave you with hundreds of questions and worries. That’s why it is always useful to have the help of a PPI tax specialist on hand instead of going about the claim on your own. With the help of a specialist law firm, you can avoid making mistakes and issues that could invalidate the claim and make the process more difficult to deal with.

Over the last year, Gowing Law Solicitors has been able to reclaim around £10,000 in rebates for our clients. We are ready to do the same for you as well! To get started, all you need to do is call 0800 041 8350 or visit our claims page below:

PPI Tax Claim Button

The Basics of PPI Tax Claims

Before we jump into how a solicitor can help you move forward with your PPI tax claim, we should talk a little about what PPI tax claims are all about. That way you can understand why you are owed a pay-out in the first place. PPI stands for “Payment Protection Insurance”. Originally, it was used as a safety net for those who took out payment plans (such as credit cards and loans) and needed extra funds to keep up with expenses. However, as it did not provide a pay-out that could fully pay back a bill, it actually ended up being relatively useless. In most cases, PPI was actually mis-sold to different clients around the UK. This mis-selling could have been due to:

  • The person being self-employed or now living abroad
  • The person being pressurised to buy the policy
  • The PPI automatically being included in the policy
  • The client not knowing that they had bought PPI

This is why you received a pay-out from HMRC when It was found out that the policy was mis-sold. The compensation was made up of your PPI pay-out, any interest that was added to PPI by your bank and a statutory interest of 8% each year. If you have lost out on some of your pay-out, it is most likely that it was taken as tax from you as statutory interest. You can claim this back by creating a PPI Tax claim with the specialists from Gowing Law Solicitors.

PPI pay-outs and deadlines

Why did I have my tax taken off in the first place?

So as we said before, there are three main components that make up your PPI pay-out. The tax is taken away due to your statutory interest of 8%. Now, originally your PPI pay-out was supposed to get you back to what you originally should have been at financially. You lost money because of your PPI payments and this pay-out is supposed to get you back to the amount you were estimated to be at. However, if it is believed that the pay-out will actually push you over your personal savings allowance then this is what may have been the reason that your tax was taken off you in the first the place.

However, keep in mind that this could have been done be mistake. There is also a chance that it could have been taken away automatically by your bank. That means you could have had around 20% deducted without any reason. This is why it is crucial that you get a tax specialist from Gowing Law Solicitors to help you get this tax back. They can work with HMRC on your behalf to make sure that you get the pay-out that you deserve.

Gathering evidence for your PPI tax claim

How can a solicitor help me with my PPI Tax Claim?

Tax claims can get pretty complicated. The same can be said about making a PPI tax claim. You may feel as if you can handle it on your own, but at the same time there are lots of small mistakes that could invalidate your claim and leave you feeling confused as why HMRC did not accept your application. This is why it is important that you get the help of a specialist tax claims solicitor on your side. They can ensure that you get the pay-out that you deserve. Have a look at our infographic below to get an idea of some additional benefits of having a tax specialist help with your claim:

PPI Tax Claim expert help

As you can see, our solicitors can help you in many ways if you are trying to sort out a PPI tax claim. They will work with HMRC on your behalf and fill out any paperwork that will ensure that your claim is settled. Our trained team of solicitors can talk you through your claim and make sure that you are kept updated about what stage your PPI tax claim is at. It can get frustrating to have your claim invalidated. That’s why we want to work alongside you to ensure that you get the pay-out that you deserve. Our claims team can help you even if you have already been rejected for your PPI tax. We will make sure to get you the pay-out that you deserve.

PPI Tax claim and living abroad

PPI Tax Claims Solicitors & Updates

We understand that our clients may feel a little unsure about taking on a PPI tax claim on their own. They may not have the legal experience to get a successful claim or even know where to start. This is why we want to help our clients as much as possible. Unless you are subscribed to all of the biggest UK legal channels and websites, you may not be able to keep up with the latest law changes. With Brexit potentially having the influence to change UK laws in the near-future, you may feel worried that your claim could be affected by something that you do not fully understand or know about.

This is where a trained tax expert can help you. Our law firm can give you free advice and consultations about any sort of claim. This is with no-obligations attached. Instead, we just want to help you keep informed about whether or not the latest legal updates could affect the status of your claim. That way you can decide for yourself whether or not you think it is worth pursuing it. Our PPI Tax Claim Solicitors are here to help. They have the experience you need to achieve a successful compensation claim.

PPI Tax Claim and job status

What should I do if I have already been told I cannot make a PPI Tax claim?

The first thing that you should avoid doing is panicking. We understand that it can be a disappointing experience being told you are not valid for a pay-out. However, there is hope that you were only rejected because of some form of invalidation. Mistakes can be easily made on a PPI tax form. It could have been something as simple as filling out your wage incorrectly or any other personal details. That’s why it is wise for you to go to a PPI tax specialist for help. So far over the last year we have managed to collect £10,000 in rebates for our clients. We are aiming to do even better this year. That’s why we also help our clients who have already been rejected by HMRC. Overall, we are determined to help you get a valid pay-out.

How will I receive my PPI tax claim pay-out?

Once we have successfully negotiated with HMRC about your PPI tax claim, the pay-out should be sent as a cheque. You will receive a letter to confirm that it is being sent out. Once we receive the cheque then we will sent it to you in the mail. You can then deposit it in your bank and feel settled knowing that your claim has been sorted efficiently and quickly.

How much can I receive from successful PPI Tax Claims?

This is where it gets a little tricky. Whenever someone gets a pay-out, the amount they get entirely depends on their own personal circumstances. So, someone who paid a higher amount of tax is more likely to get a higher pay-out. It also depends on the person’s own personal savings allowance and how much they have gone over it. Take a look below to get an idea of how much you could claim:

  • Top Rate Payers (45%): Unfortunately, you will not eligible for a PPI tax rebate
  • High Rate Payers (40%): You could earn up to £500 completely tax free
  • Basic Rate Payers (20%): You could earn up to £1000 completely tax free

If you have had around 20% of tax taken away from your pay-out, there is a chance you could claim it back by proving that you did not go over your personal savings allowance. Your solicitor will be there to help you gather evidence and ensure that you get the pay-out that you deserve. All you need to do is let them know exactly how much you have had taken from your pay-out. They can then work with HMRC on your behalf to ensure that you get the compensation that you deserve.

PPI Tax Claim and deadlines

Be aware of court delays!

As you may have read in our image before, there is a chance that there could be delays with your claim. The current lockdown has caused several delays in the UK Court system. That means that there could be a chance that you have to wait a little longer in order to have a successful claim. Please be patient with your tax claims specialist. They will do their best to ensure that you get the pay-out that you deserve. However, it may just take a bit more time than expected. Our lawyers would be more than happy to keep giving you updates on what is happening with your claim. Just get in contact to find out more from your own PPI tax claim solicitor.

Speak to a Tax Claim Specialist today from Gowing Law Solicitors

PPI Tax Claim Button

If you are ready to get your PPI Tax Claim sorted with the help of a trained tax specialist, our team from Gowing Law Solicitors will be here to help you. We want to get you the pay-out that you deserve to ensure that you no longer need to worry about this type of tax claim in the future.

To get started with your claim, or to find out more information about your PPI Tax Claim, you can come to our solicitors for no-obligation advice and consultations. They will guide you through the claims process and ensure you know how much you can claim. If you are happy to work with our team, we can offer 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. You will only need to pay our solicitors if you have a successful claim.

Contact our solicitors today to begin your claim. Call 0800 041 8350, email or use our claims checker to get started today!

Read more about making a PPI Tax Claim

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Here at Gowing Law Solicitors, we are proud that we have a blog that we can update on a regular basis about the latest information on tax claims and personal injury claims. If you want to make sure you are kept up-to-date on the latest information for UK claims, and are notified of any changes in policy, our blogs will be here to help. They are updated with the latest information about our company, UK law and any seasonal events. That’s why it is important that you keep checking to see what’s new with our firm.

We also update our social media to ensure that our clients are always kept updated about what we have been up to. All you need to do is click the links below to visit our social media page!

Good luck with your PPI Tax claim! We look forward to seeing you in our next blog.

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Gowing Law are a professional law firm that specialises in the personal injury sector of the industry. Gowing Law are Authorised and regulated by the Solicitors Regulation Authority (SRA).

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Gowing Law is law firm based in Manchester but offer their legal services nationwide. We specialise in the personal injury claims and our team of solicitors have the experience and expertise needed to handle your case and help you through the claims process.

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