TaxAssist Accountants
0800 0523 5550800 0523 555

Brits 'waste' billions in tax benefits

Date: 25th March 2008

Britons waste billions every year by failing to use their tax allowances, Channel 4 News has reported.

The average person pays £290 too much in tax, with 82 per cent of people admitting that they do nothing to reduce the amount of tax they pay.

According to financial advice site Unbiased.com, people waste £3.7 billion by failing to use child tax credits and pension credits - and £1.9 billion will be lost through the overpayment of Inheritance Tax.

Consumers could also save £263 million by using their full individual savings account (Isa) allowance.

David Elms, chief executive of Unbiased.co.uk, said: "With more and more people feeling the pinch in the current financial climate it is surprising just how much we are willing to throw away in wasted tax payments."

Isas were introduced in 1999 to replace tax exempt special savings accounts.

ADNFCR-1448-ID-18521506-ADNFCR


Related Articles



0800 0523 555 TaxAssist Accountants Locations Map
TaxAssist Facebook TaxAssist Twitter TaxAssist Blog RSS

Newsletter for Small Business

Join our newsletter and receive tax news every month suitable for small businesses.

Testimonials

View all

Over the past 10 years we believed that if we wanted outstanding service we should use traditional large accountancy firms. Oh how wrong we had been! We had been charged high fees without any real value being added to the business.
DAVE THOMAS
Bluegrass Consultancy Ltd

© 2012 TaxAssist Accountants. All Rights Reserved. TaxAssist Accountants Buy Local Campaign TaxAssist Accountants Supports Round Table Childrens Wish TaxAssist Accountants - Interactive Media Awards 2010 Best In Class Winner