Spellman Worth specialise in helping clients recover tax paid they may have overpaid to HMRC.
We have a panel of tax claims experts we work with to progress our Clients’ rebates all on a No Rebate No Fee basis.
PPI Tax Rebate
Millions of people successfully reclaimed their PPI payments and compensation for being mis-sold PPI Policies.
It is estimated that over £350 million was taken by the Tax Man from PPI Settlements by way of a fixed 20% deduction. In the vast majority of cases this tax wasn't owed, however in order to get it back you have to complete a tax return.
In April 2016 the Personal Savings Allowance was introduced, which allowed Basic Rate taxpayers to earn up to £1,000 a year tax-free on their savings, this included the statutory interest paid on PPI claims.
In addition, if you are a non-taxpayer then you have the right to reclaim all of the Tax deducted and paid to HMRC by the Lender.
Am I Due a Tax Rebate?
The PPI refund you received is taxed in the year it is paid to you and not when you started your PPI Policy. So, if you received your refund after April 2016 you may be due a rebate.
If you were a non-taxpayer (currently those earning less than £12,500 PA) in the year your PPI was refunded to you; you can claim all of the tax back.
For taxpayers, if the total interest earned from your savings plus the PPI statutory interest is less than your Personal Savings Allowance, then you will still be due all or some of the tax back.
Marriage Tax Allowance
The UK Marriage Tax Allowance lets married couples transfer a percentage of their personal allowance between them. A recent survey states that around 4 million married or civil partner couples are missing out on this tax break.
Your personal allowance is the income you can earn tax-free each year and passing any unused allowance to your partner could result in a £1,250 tax rebate.
What is a Pension Tax Rebate?
When you start taking money from your pension, you can usually take the first 25% of your pension tax-free, with the remaining taxable your personal rate of tax.
In many cases, this initial lump sum or further lump sums you may take, will be taxed by HMRC at the emergency rate level, this can lead to you paying more tax than you need to.
The additional tax HMRC take is not automatically refunded to you; we can help you reclaim this from HMRC, which can take around five to six weeks.
How Do I Get my Tax Rebate?
All you need to do is call us on the number below and we will get your rebates started all in one call.
For further assistance, please contact us on 0203 034 0127 to speak with a Claim Handler.