PPI Tax Back
If you've received compensation for a PPI claim you may or may not be aware that part of that compensation would have gone to HMRC before you even received it, resulting in a payout to you less than the total claim value. However millions of people are entitled to receiving that amount too. The larger your PPI payout then the larger the potential tax figure with some in excess of £5,000
What is it?
What is PPI tax back?
The tax you are charged when you receive a PPI payout is classed as Income tax. It is applied against the 8% compensatory interest you receive as part of your refund. This compensatory interest can sometimes be up to a third of the value of the whole payout. Financial providers and HMRC assume anyone receiving a PPI payout is a basic rate taxpayer. Therefore they deduct 20% of the compensatory interest meaning the bank pay that direct to HMRC and the rest to yourself. Many have considered this unfair as it is compensation they receive for being the victim of mis-selling by their financial provider and then they are being taxed for receiving it. Here at Wyndan we have a few solutions as part of our accountancy services to help you recover this amount. Our service is no-win, no-fee meaning you have nothing to lose by claiming
Who's affected
Who is affected by PPI Tax Back
Pretty much anyone
If you received a PPI rebate since 2016 then it is worth checking if this applies to you
There are different mechanisms from a tax perspective which can be employed in order for you to receive your rebate and the best one will usually come down to your personal circumstances. We are able to easily identify which could apply to yourself and take care of submitting your claim and all the necessary forms and information for you
PPI Tax Back
Our claims process is simple to use and effective
Instant Valuation
With the information regarding your refund we will be able to tell you straight away how much we can recover for you
Hassle free
The forms required to submit as part of the rebate claim can be confusing and difficult to follow, we take this headache away from you leaving you to get on and await your cheque
Who was It?
What refunds may have I been charged for?
Nearly all UK banks and financial providers have been affected by PPI payouts so as long as you received a PPI refund you could apply. These are some of the bigger lenders but there are many more:
And Many More...
How it works
See just how simple our 4 stage process is below
1. Complete our simple questionnaire
In just a few minutes you can provide the simple information we require
2. Submit the claim online with us
If eligible we will send you a pack for you to fill out your details electronically
3. We’ll liaise with HMRC for you
If we need to contact you we will and you can check the progress through your online account
4. Receive your money once successful
Your cheque will be processed on receipt of cleared funds from HMRC
Don’t believe us?
Why you should use us
Why you should use us
We ask you a set of simple questions based on the claim you are submitting without you having to figure out what the potential issues are in the first place and how to effectively position your argument
Monitor your claim
Our claims portal means you can access and view the status of your claim at any time. Our customer service team are on hand to answer your questions via live chat, email, SMS and phone
We are experienced
With years of experience in the industry accompanied with external legal experts knowledge we have been able to establish effective arguments for our customers base on their circumstances
We are efficient
Due to the volume of complaints we deal with we have lines of communication setup to stay on top of your claims and get answers without you having to sit on hold
Apply in seconds
We have made a simple but effective process which means your precious time isn’t wasted on what we are good at. Allowing you to sit back while we fight your corner
You can trust us
As a regulated firm by the Financial Conduct Authority we are held to high standards, and rightly so. We remain clear and transparent throughout your claims process