PPI. You probably thought you’d heard the back of that since the claim deadline passed on 29th August 2019. But were you aware that if you have successfully reclaimed PPI, that you could be owed some more money?
Basically, an element of the PPI claim is compensation interest… and this is automatically taxed at 20% before it is paid out.
Why is this an Issue?
In 2016 the government introduced a £1,000 savings interest allowance which means that essentially you get this amount of savings interest tax free… and as a result, due to the compensation interest automatically being taxed, many people have overpaid tax and are due a refund.
So if you’ve successfully reclaimed PPI, you could be able to reclaim the tax that was deducted from it.
Most claims are worth between £70-£150, so although not massive sums of money – it’s still definitely worth doing – after all, it’s your money!
How Do I Know if I’m Eligible?
To make a claim you must have had a PPI payout (or other financial claim payout) in the last 4 years.
You can be a UK resident or an expat and it is open to both tax payers and non tax payers.
You can also make a claim for a deceased next of kin.
How Do I Get a Refund?
You can get a refund by making a claim with HMRC.
HMRC allows you to reclaim back 4 years, but many people aren’t aware of this and as a result are missing out on money they are rightfully owed.
Reclaim PPI Tax with Crystal*
Crystal Financial Wellbeing can help you reclaim PPI tax with their simple digital service.
For a small fee (deducted from the payout), the service will fully manage the claim and correspond with HMRC so you don’t have to.
The process is straightforward and easy to use and can be done directly from your smartphone and successful claims will payout in just 4 weeks from signing the document.
(Expats, the self employed and next of kin claims will not be able to be processed via Crystal’s service)
What do I Need to Make a Claim
There is a 4 year deadline to reclaim PPI tax, so if you’re thinking about doing it you need to act NOW.
For example, if you started your claim today (1 December 2020) – you would only be able to make a claim for PPI pay outs since 1st December 2016… so the longer you leave it, the smaller the window you have for paid out claims.
You don’t need all the past paperwork to start your claim, you just need:
- When the win was
- How much it was for
- Your earnings in that year
- Your NI number
Why Use a Service to Reclaim PPI Tax?
Of course, you could reclaim the PPI tax yourself and save money on the fee but the reclaim forms are complicated and many people are put off by them.
Using a service to reclaim for you is quick and convenient and much less time consuming than trying to figure it all out by yourself.
You can even reclaim through Crystal’s service if you didn’t make your original PPI claim with them.
Let’s Do It!
Ready to make your claim? Head to the Crystal PPI Tax Reclaim Service*