Tax & Accounting News
Apathy costs taxpayers £4,400
20/06/2011
Workers in Britain will waste more than £4,400 each this year due to a lack of basic tax planning, according to new research.
The study by Unbiased.co.uk shows that taxpayers will pay over £13.5 billion more than they need to, simply because they have failed to plan. This is a considerable increase on last year’s figure of £9 billion.
According to the research, almost nine out of 10 people have taken no action in the past year to reduce their tax bill.
Tax credits represent the most tax wastage, with more than £8.5 billion unclaimed in child benefits, child tax credits, working tax credits and pension credits.
This was followed by inheritance tax, with £1.3 billion wasted through mistakes which could have been avoided with adequate planning.
