Have you given the taxman over £420 too much this year?
Even though people are still feeling the strain on their finances new figures have been released this week that state that as nation we are set to give the tax man over £12 billion in unnecessary tax!!
This works out at about £420 for each UK taxpayer!
The last 2 years have chalked up over £25 billion in overpayments, and what is worst is that the majority of us are unaware we are giving this money away. The largest portion of this tax wastage is due to tax credits, with people not claiming the benefits they are entitled to. In 2012 over £7 billion of tax credits were lost by recipients not ware that they were entitled to this benefit.
The second area of tax waste occurred where people failed to register for tax relief on their pensions, this accounted for over £2.3 billion! What does this mean for you and your family or business? In a recent study on peoples personal tax, over 84% of participants admitted that they had done nothing regarding the amount of tax they pay. No advice, no reviews, no investigations.
Of the people surveyed, over quarter of people simply did not know how to go about becoming more tax savvy. Most worryingly, over 15% of those that were interviewed were business owners.
At Gordons Knight we found this information shocking!
Do you think you would like some advice on your tax liability? You need to speak with someone knowledgeable, who will offer you independent beneficial advice. We are London chartered accountants, and we can help! When it comes to tax advice on your business, you simply cannot afford not to get a second opinion.
Tax has the ability to sap wealth. With rates for higher earners at 60% in 2012, any client looking to increase wealth and achieve financial freedom must consider all legal avenues to minimise this pain. The following links on the left will take you to different taxes; however the only way to really explore this area is on a personal review meeting with our experts.
Income Tax for Sole Traders, Partnerships & Individuals
There will be no charge for the review, and absolutely no obligation to buy any of our services.
These services are broken down into the following key areas:
- Advice
- Implementation
- Process
- Support
We would consider it an honour to be chosen as your tax adviser, and would welcome the opportunity to discuss your personal and business goals with you, with a view to helping you make the most of every business and tax reduction opportunity available to you. Come and speak with a London based chartered accountant now!
For more information, and a free quote, please contact our payroll team on 020 8241 3000 or email us: gds@gordonsknight.co.uk.
