Hidenda

Hidenda offer the following services to new and existing clients: PPI Refund Tax Claims If you received a PPI refund after April 2016 then you could be owed a further refund. PPI refunds returned what you had paid for the PPI as well, as 'Statutory Interest'. Banks have automatically taken 20% of the Statutory Interest part of your refund and paid it to HMRC as tax on your behalf. In April 2016, HMRC changed the rules regarding the tax you would have to pay on the statutory interest you received from your PPI refund. The new rules meant people could receive a lot more interest before any tax would need to be paid. This means that millions of people who have received PPI refunds have had too much tax taken due to the banks making these automatic payments to HMRC. This overpayment of tax must be reclaimed.