TaxAction 2012

TaxAction is our annual campaign looking at how much money we waste as a nation by not being tax efficient.  The campaign focuses on educating consumers on individual areas of tax wastage, highlighting the need for tax planning advice on how to be more tax efficient.

This year’s report reveals consumers are set to gift unnecessary £12.6 billion to the taxman through inefficient tax planning, the second highest tax wastage in the history of our report.  At the same time, our small business report reveals that £7.26 billion is being wasted.

TaxAction 2012 looks at the following areas of tax wastage:

  • Income-related
  • Tax Credits
  • Tax relief on pension contributions
  • Tax relief on charitable donations
  • Savings on Inheritance Tax
  • ISAs
  • Child benefit
  • Avoiding penalties for late filing of tax return
  • Savings on capital gains tax
  • Making use of employee share schemes
  • Income Tax
  • Personal allowances

For small businesses the key areas of tax wastage are:

  • Incorporation
  • Employees becoming self-employed
  • Research & development relief
  • Salary sacrifice
  • Total penalties for late filing
  • Tax relief on pension contributions

To see the infographic showing the greatest tax wastage areas in 2012 click the image on the right.

To ensure you are more tax efficient use the site to find an Independent Financial Adviser to provide you with tax planning advice.