The annual TaxAction report by Unbiased.co.uk have found that up to £4.7 billion is wasted because of tax inefficiencies. This basically means UK tax payers aren’t claiming back the tax that they are owed, and using the many tax reliefs that are legitimately available to them. In summary the report goes on to say that the average amount each tax payer is going to waste is £161, and that 77% people in the last 12 months haven’t actively done anything to stop the waste of tax. The core areas highlighted where the most wastage is seen include:
- individual savings accounts
- tax relief on pension contributions
- capital gains tax
- inheritance tax
Another important statistic is that 38% of the tax paying public don’t feel confident in dealing their tax affairs without the help of a professional. This is not surprising given the sometimes complex nature of the UK tax system, and the lack of knowledge by many tax payers on what tax reliefs they are entitled to claim.
PAYE Income Tax Overpayments At Tax Rebate Services we would like to highlight the wastage of income tax by the employed. It can be an over looked area, with many assuming that they are paying the correct amount of tax.
It’s not just the self employed that can reduce how much tax they pay, and you usually won’t get any tax you have overpaid back unless you claim it. We are here to help you decide what tax reliefs you can claim back because of your employment, helping you only pay the tax you need to.
Tony Shanks