Best PPI Tax Refund Companies – Top 10 Companies in UK

It can be a scary experience to claim a tax refund. What if you’re not eligible? What if you need to learn how to claim a tax refund? To simplify things, we’ve made a list of the top tax refund companies in the UK. We’ve handpicked 10 of the best PPI tax refund companies doing a great job refunding tax refunds. They have an outstanding refund record and have an A- rating with the Financial Ombudsman Service.

Top 10 Best PPI Tax Refund Companies in the UK

If you have been paying PPI claims to a company, you would know how critical it is to choose a reliable and trustworthy PPI claims company. The PPI claim company is a top-rated PPI claims company with a team of experienced professionals that can help make reclaiming PPIs easy and stress-free.

1. Claim My Tax Back

Claim My Tax Back is a PPI tax refund company that provides tax relief for customers who have received a payment from their insurance provider after April 2016 due to paying for prescription medication using a PPI claim. The company pays out a refund, which includes interest payments and an 8% interest payment.

All interest payments are taxable, with 20% tax deducted automatically. Customers must provide information such as the PPI payment amount received after the policy effective date, income and bankruptcy status to be eligible for the PPI tax refund.

2. Claim Lion Law

Claim Lion Law is a PPI tax refund company that allows customers who have received a claim payment from their insurance company due to make a PPI claim to get tax back. The policy payout is determined by considering interest, legal fees and other compensation claims made on behalf of the claimant before receiving payment from the insurance provider.

In addition, claim Lion Law offers an industry-leading 100% refund guarantee for all policy payouts within 30 days of receipt of all required information.

3. Fast Track Reclaim

Fast Track Reclaim is a PPI tax refund company that provides tax relief to customers who have made a claim payment from their insurance company due to a PPI claim. The payout amount is determined by considering interest, legal fees and other compensation claims made on behalf of the claimant before receiving payment from the insurance provider. In addition, fast Track Reclaim offers an industry-leading 100% refund guarantee for all policy payouts within 30 days of receipt of all required information.

4. Gladstone Brookes Ltd

Gladstone Brookes is a claims management company that has helped thousands of people with their PPI claims. The company offers a no-win, no-fee policy, which means there are no fees for making a PPI claim and no fees if the claim is denied. However, they charge a maximum fee of 20% + VAT, which is reasonable for their work.

In addition to this, Gladstone Brookes provides helpful resources to help people with their PPI claim. However, as of 3 January 2021, Tax Reclaim PPI refunded only £20 of the admin fee. This shows that the company is still working on refunding the remaining fees owed to claimants. Overall, Gladstone Brookes is a reliable PPI claim company that offers personalized service and reasonable fees.

5. Rebate Gateway

Rebate Gateway is a tax rebate company that helps claimants receive tax refunds from their insurance companies. Rebate Gateway processes claim quickly and offer a 100% refund guarantee on all payouts within 30 days of receipt of all required information. The payout amount is determined by considering interest, legal fees and other compensation claims made on behalf of the claimant before receiving payment from the insurance provider.

6. Claim My Tax

Claim My Tax is among the UK’s top 10-best PPI tax refund private limited companies. The company has recovered over £440 million in compensation for its customers since 2009 and operates on a no-win, no-fee basis. It has extensive experience with both individuals and small businesses claiming PPI-related compensation.

7. Your Claim Matters

Your Claim Matters is one of the UK’s leading PPI tax refund companies, with over 10 years of experience helping people reclaim their hard-earned money. We’re 100% independent and have a proven track record of success, with a no-win, no-fee guarantee. We’ll work tirelessly on your behalf to get you the maximum possible rebate, and we will only give up once you’re satisfied.

8. MoneyBack HelpDesk

If you’re looking for help with your PPI tax refund, you’ve come to the right place. The MoneyBack HelpDesk can help you get your money back. They have helped thousands of people get their PPI tax refunds and can help you. They have a team of experts ready to help you through the process step by step. They know the ins and outs of the PPI refund process, so we can help you get your money back as quickly and easily as possible.

9. The Claim Guys Legal

The Claim Guys are one of the top PPI tax refund companies in the UK, having won more than £440 million for customers since 2009. The company has a no-fee policy, which leads to it being more reliable and reputable than companies that opt for a win-fee basis.

They have extensive experience handling PPI tax claims and will work diligently to ensure you receive the maximum possible refund. The Claim Guys take pride in their customer service and aim to always provide the best possible service to everyone seeking a tax refund for mis-sold PPI policies.

10. The Fair Trade Practice

The Fair Trade Practice is one of the best PPI tax refund companies in the United Kingdom. The company has been providing excellent services to its customers for many years and has a solid reputation in the market. So if you are looking for a reliable and trustworthy company to help you with your tax refund, this is the company for you.

The company offers a hassle-free service that ensures you get the maximum refund possible. They have a team of experienced professionals who will work diligently on your case and ensure you get the best possible outcome. The company also offers a no-obligation consultation to understand what they can do for you before deciding.

Conclusion

PPI claims can be difficult to make and even more difficult to win. However, if you have a claim worth £50 or more, you may receive payouts ranging from £60 to £190. If your PPI claim is rejected, don’t worry – there are still several other ways to seek compensation for the damages caused by this policy.

FAQ – Best PPI Tax Refund Companies

Can you get a tax refund on PPI?

There is no one-size-fits-all answer to this question, as it varies depending on your income and residency status. However, tax refunds from PPI claims are subject to tax depending on your income and UK residency.

PPI refunds include an interest payment of 8% of the refund total, subject to 20% tax. For example, if you receive a £1,000 PPI refund, you will earn an interest payment of £80 ($128). The interest payment would be subtracted from the overall refund amount and taxable at the standard UK income tax rate of 20%.

Most people are not required to pay tax on their PPI refund interest payments and can claim the tax back from HMRC. However, those who have paid tax on PPI and PBA payout within the last four years may be due back £1000s+ in tax refunds. So, if you have been making regular PPI and PBA payments over the past four years, it’s worth checking with HMRC to see if you qualify for a tax refund.

How long does it take to get PPI tax back?

It can take up to six months for HMRC to process your PPI tax refund, depending on the complexity of your claim. This is because, in most cases, tax is deducted from the interest element of your PPI refund first before any other payments are made.

How do I reclaim my PPI tax fees?

If you paid tax on your PPI payments, you might be entitled to a tax refund. This refund includes an interest payment of 8% of the total refund amount. The interest element of your PPI refund is taxable, with a 20% tax typically deducted before you receive it. You can claim the tax back from HMRC if you do not need to pay it. To make a claim, you must provide information such as the tax deducted from your PPI payment and earnings. A specialist tax consultant can help with this process.

Should you pay tax on PPI refunds?

If you received a PPI refund, the tax might have been automatically deducted from it. Tax may be deducted depending on individual circumstances and income. The personal savings allowance, introduced in April 2016, allows taxpayers to earn up to £1,000 a year tax-free on their savings, including the statutory interest paid on PPI claims. Most people who have paid tax on PPI refunds can claim the tax back from HMRC.

It is possible to reclaim the tax that was automatically deducted from PPI refunds.

How much PPI compensation will I get?

There is no definitive answer to the question as PPI payouts can vary hugely depending on a variety of factors, such as the size of the claim, when the loan was taken out, and whether or not the consumer has successfully made a claim.

However, based on current estimations, consumers with claims worth £50 or more can expect payouts ranging from £60 to £190.

OTOH, those who have made PPI complaints to providers or the Financial Ombudsman Service may need to be more sure if their complaints have resulted in compensation. This deadline has passed, and consumers can no longer claim money back for PPI by complaining.

Why would my PPI claim be rejected?

There are a few reasons why a bank may reject a PPI claim. For example, a bank can reject a PPI claim if they believe it is invalid, the policy was mis-sold to the consumer, or the claim does not meet the policy’s criteria.

In addition, banks can also reject a PPI claim if the consumer has failed to provide sufficient evidence to back up their claims. This could be due to missing paperwork, oral agreements that needed to be documented, or discrepancies between the consumer’s claims and what was sold to them.

Some policies also have specific requirements that must be met to claim on them, such as having taken out the policy or still having it in force. The claim may be rejected if either of these conditions is not met.

Finally, PPI claims can only be accepted if consumers prove they mis-sold the policy. This could include documentation about how and when the policy was sold and proof that the terms of the policy were fully explained to the consumer.