Make sure you claim back your tax refund and mis-sold PPI to save you money
The tax year ended just a few weeks ago and many people will be looking to claim back any money they have overpaid.
This year more people than ever are waiting to get their money back. HMRC deciding to do stringent spot checks on a number of small businesses to check that the tax records they are keeping are accurate, which is causing delays of up to 10 weeks.
Some people who are owed money are also finding that HMRC are deciding to give back overpayments as credits towards future tax bills, instead of being sent a cheque. This shows it is important to keep a close eye on the status of your refund and be sure to chase HMRC up, especially as many people are looking to save money as economic woes continue.
Claiming back money for mis-sold PPI (payment protection insurance) is another way of saving money.
If you’ve taken out a loan in the last decade, there is a good chance you will also have been sold PPI along with it. This is designed to cover your payments should you fall sick or lose your job, but many people who have this have found that the conditions of the insurance mean that they are ineligible for any payments if they need to claim.
Due to this, the Financial Services Authority have ruled that you can claim payment protection refunds. As many people are struggling with financial difficulties, payment protection insurance claims are a good idea, especially as PPI can add up to 56% to the cost of your repayments, so don’t delay in finding out if you can claim today.
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Whichever method you decide, make sure that you reclaim any overpayment of tax that is rightfully yours from the government and make any claims as soon as possible.
The tax refund must always be rechecked before you claim. Here are some details given to you on this perspective. Thus on a whole it is very informative in nature.