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Apathy costs taxpayers £4,400

Midgley Snelling chartered accountants are warning that 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.

Peter Bond, partner at Midgley Snelling, said: “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”.

With the increase in the top marginal income tax rate to 50%, or even higher for those losing their personal income tax allowance at a £100,000 taxable income threshold, in these straightened times it is now ever more important for individuals (as well as businesses) to consider their tax position.

For more information, please call Midgley Snelling on 01932 853393.

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