At a time when HMRC are writing to employees who have underpaid tax because they were on the wrong tax code for 2011/12, it might be worth giving some thought to unclaimed tax reliefs
Here’s the top ten list of our biggest tax wastes:
| Area of Tax Wastage | Amount of Wastage |
| Income-related Tax Credits | £7.26 billion |
| Tax relief on pension contributions | £2.45 billion |
| Tax relief on charity donations | £997 million |
| Savings on Inheritance Tax | £448 million |
| Making use of ISAs | £403 million |
| Child Benefit | £401 million |
| Avoiding penalties for late filing of tax return | £307 million |
| Savings on Capital Gains Tax | £133 million |
| Making use of Employee Share Schemes | £118 million |
| Income tax and Personal Allowances | £83 million |
| Total | £12.6 billion |
Source: unbiased.co.uk
http://www.lovemoney.com/news/household-bills/tax/11323/six-easy-ways-to-pay-less-tax
£12.6 billion is an incredible amount of money and I am sure many people aren’t even aware that they could be claiming tax relief or refunds, so why not check what you could claim and makesure your tax is right.
steve@bicknells.net
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