Parents ‘throwing money away’
Article Category: Debt Management Help and Advice
Nearly £8 billion has been wasted on taxes in the past year, according to Independent Financial Adviser Promotion (IFAP).
The firm’s TaxAction report notes the greatest ever amount spent on taxes which could have been avoided through tax-free savings.
In light of the findings, the company suggests many individuals could benefit from seeking expert advice on their finances.
“This year’s report shows we waste £7.9 billion, the highest since the campaign began,” asserts David Elms, chief executive of IFAP’s consumer website unbiased.co.uk.
Families facing a debt burden are advised by the firm that they could receive assistance from the government in the form of child tax credits or working family tax credits.
Some £2.3 billion in “free money” is available through such products, IFAP states.
The news follows comments from the Chartered Institute of Taxation’s John Whiting, who noted a “psychological barrier” among consumers in dealing with tax debts.
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