The latest Tax Action campaign from unbiased.co.uk is highlighting that each person in the UK will waste £421 in unnecessary tax payments during 2012.
This means that the nation as a whole will waste £12.6bn in unnecessary tax payments this year.
Over the past decade, Brits have contributed to £88.6bn of tax waste.
Visit us on Pinterest for a great infographic from unbiased.co.uk highlighting the sources of wasted tax in 2012.
There are some simple steps that can be taken to avoid wasting tax.
Informed Choice chartered financial planner Martin Bamford was featured on AOL Money today, talking about tax planning:
“People hear a lot about tax loopholes being closed, but those tend to be for the very wealthy. There remain lots of basic steps people should consider, such as making sure savings and investments are held in an ISA where possible, making sure allowances are being used and maximising pension contributions.”
Working with a Financial Planner is a good way to ensure that you are not wasting tax unnecessarily.
With the end of the tax year coming up shortly, now is the perfect time to consider unused allowances and other tax planning opportunities to help prevent waste.
