Are you paying too much tax unnecessarily? Harnett Accountants Wimbledon bring you this report published on the ‘This Is Money’ website:
Despite the ongoing financial strain being felt by millions, new figures have revealed that as a nation we will gift an eye-watering £12.6billion in unnecessary tax to the taxman this year.
According to professional advice website Unbiased.co.uk in its annual Tax Action Report, on average £421 will be wasted per individual taxpayer this year.
It highlights that over the last ten years, we have amassed a phenomenal tax waste mountain of £88.6billion.
Of course, in theory the money is not entirely wasted as it goes to help fund the nation’s spending, but on a personal level this is cash we are simply pouring away.
This year represents the second highest tax wastage figure in that time, only beaten by the £13.5billion waste Unbiased claims for last year.
According to Unbiased, the biggest area of tax waste in 2012 is through tax credits, with £7.26billion being lost through people failing to claim their child tax credits, working tax credits and pension credits correctly.
Failure to make use of tax relief on pension contributions is the second biggest area of tax wastage (more than £2.45 billion), followed by tax inefficient charitable donations (more than £997 million).
Why not get in touch with Harnett Accountants Wimbledon to see if we can help you to be more efficient in either your personal or business taxes. We will arrange a free one hour no obligation consultation to discuss exactly how we maximise the efficiency of your tax payments and save you money. Also you can follow us on Twitter, Facebook and Google+. Additionally, you can keep reading our daily blogs.
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