Taxpayers are being urged to make the most of tax breaks on their tax return, and in the run up to the end of the tax year.
According to pension and investment provider NFU Mutual, many people end up wasting tax breaks by forgetting to mention them on their tax return. An example of this is higher rate and additional rate taxpayers neglecting to mention their pension contributions.
Meanwhile, as the end of the tax year approaches on 5 April, it is important to take advantage of timely tax breaks, including making the most of the annual inheritance tax gift allowance of £3,000.
Commenting, Sean McCann, personal finance specialist at the Mutual, said:”Far too many people end up paying more tax than they need to because they don’t make full use of the tax breaks available. Now is a great time to take action.
“Between now and the end of the tax year there are opportunities for people to get their finances in order and make the most of tax rules and legislation which could lead to some substantial savings. Acting now could transform personal finances and leave some people thousands of pounds better off.”
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