Categorized | news

A contractor accountant could help you become tax efficient

A contractor accountant could help you become tax efficient

According to a recently published report by Unbiased.co.uk, British taxpayers will pay an average £421 too much tax this year.

Contractor accountants will want to make sure they are not included in the 85% of Brits who gift a total of £12.6 billion to the Revenue in the form of unnecessary tax. Over the last ten years, British taxpayers have created a tax waste mountain worth £88.6 billion.

Unbiased.co.uk’s report discovered that £7.26 billion in income-related tax credits will go unclaimed and people failing to claim tax relief on their pension contributions will gift a further £2.45 billion to the Treasury. People who filed their self-assessment tax returns late will contribute £307 million to HMRC’s coffers, while about £83 million will be lost in unclaimed personal allowances and income tax.

The website’s study also discovered that 85% of taxpayers have taken no action to reduce their tax bill in the last 12 months. Half of them believe there is nothing more they could do to make themselves more tax efficient.

Of the 15% that have done something to reduce their tax liability, 40% have made changes to the way they invest or save their money and 22% said they had made a purchase or investment specifically as a tax efficiency measure.

Karen Barrett, Unbiased.co.uk’s chief executive, said British taxpayers should be devoting some time towards ensuring they are as tax efficient as possible. Of those people who have already done so, about 25% of them made use of the services of an accountant or other professional adviser, she added.

© 2012 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: 6 Days to go Before Christmas by camerakarrie

Be Sociable, Share!

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts

twitter

contractor accountants

contractoraccts



twitter Join the conversation
Free Telephone Advice