According to recent research Britons are paying billions of pounds too much tax in 2010, with the average taxpayer paying almost £200 too much.

The main reasons for this overpayment are:

• errors in self-assessment tax returns and penalties due to late submission;
• failure to use all available income tax allowances;
• higher than necessary liabilities for capital gains tax due to poor planning;
• failure to make arrangements to minimise inheritance tax;
• not making use of tax-efficient savings schemes such as pensions and ISAs;
• failing to claim all means-tested tax credits.

Only 1 in 7 tax payers are reported to do anything to reduce their tax burden, with the remainder risking significant overpayments.  According to Katy Gunnell of Pemberley Accounting, all tax payers should take steps to ensure they claim all available tax allowances, complete their tax returns accurately, plan ahead to minimise their tax liabilities and make all their submissions to HMRC on time.  By taking action now many could save hundreds, or even thousands, of pounds.

Why not call Katy on 07810 518812 to find out how Pemberley Accounting could help you and to arrange your free initial consultation?