Millions of us unwittingly pay more tax than we need to, says Steve Lodge in the FT. The National Audit Office recently reported that we may have been paying £340m a year too much through the PAYE system and that processing errors left more than half a million taxpayers £290 out of pocket in 2006-2007.
Then there are the mistakes we all make: failing to reclaim tax deducted at source from savings accounts, erroneous entries on tax returns and, for higher-rate taxpayers, failing to claim the 18% tax rebate on pension and Gift Aid contributions.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the year of your return, you may also end up paying too much tax as it is and your employer may well have to use an emergency code number or operate on a one-month basis. You can apply for the refund via your end-of-year tax return or by filling in form P50.
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
