Frequently Asked Questions

Below are some answers to many of the questions we get asked on a daily basis.

If your question isn’t listed please feel free to contact us and our team of friendly experts will be happy to answer your question.

What are the tax bandings?

2016/17 higher rate tax banding started at £43,000
2017/18 higher rate tax banding started at £45,000
2018/19 higher rate tax banding started at £46,350
2019/20 higher rate tax banding started at £50,000

If your earnings were below the levels above then you are able to get PPI tax back of up to £1,000 tax free using your PERSONAL SAVING ALLOWANCE, less any interest you receive from savings.

For example….

PPI tax deduction of £1,200.00
Interest from savings of £100.00, thus leaving £900.00 of your £1,000.00 PERSONAL SAVING ALLOWANCE
Therefore, you receive £900.00 of your PPI tax deduction without paying any tax with the remaining £300.00 which is taxed at 20%, thus leaving £240.00.
You would therefore receive £1,140.00 of the £1,200.00 PPI tax deduction.

As a previous customer of ours we understand you may have a legitimate interest in this new line of claim. If you had your PPI claim rejected, or if you didn’t receive a full refund you may qualify. We can check this for you on a completely free, completely no obligation basis.

How long does it take to claim the refund?

Once the documentation has been submitted to HMRC on your behalf we anticipate HMRC to have processed matters within a period up to twelve weeks.

How long does it take to calculate what tax I have been deducted?

We aim to be able to advise you how much tax has been deducted from your PPI compensation award within 28 days.

Are you able to look into PPI compensation refunds I didn’t receive using the services of Your Money Claim?

Yes, we can look into these too.

It may take slightly longer as we won’t hold a copy of the compensation award letter, but we are able to obtain this with your authority.

What do I need to do if I want to proceed?

Simply provide authority to us to check your compensation awards.

We will then advise you how much tax has been deducted.

It will then be your choice as to whether you wish for us to submit the relevant documentation to HMRC.

We understand that the above may not have answered all of your questions, as there are many questions we are asked. If you have any questions at all, please feel free to contact us and we’d be happy to answer them for you.