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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Brits urged to reclaim tax
Article Category: Debt Consolidation Help and Advice
Britons have been urged to make sure they have not paid too much tax and to reclaim any overpayments.
According to trade association IFA Promotion thousands of people could be paying too much tax.
One area that couples are urged to look at is transfer of deposits to the lower earner, which can bring about significant savings.
"Over-paid tax can be reclaimed from the HMRC up to five years previous so it isn’t too late if you think you have been paying too much," said David Elms, chief executive of IFA Promotion.
He added: "The transfer of assets between partners subject to different tax rates can result in the reduction of tax liability and can provide an extra slice of savings for many households.
"With individuals being taxed on pensions, interest from banks, dividends from shares and income from property there are many different sources of income that can be shared between a couple to avoid paying unnecessary tax."
With household budgets under increasing pressure as a result of the credit crunch, any savings will be welcomed.
Many people are facing real money problems at the moment with bills rising along with loan repayments and
mortgages.
Debt consolidation experts are expecting to see an upturn in business over the coming months.
For more information about debt consolidation call our advisors on 08000 122 118 for FREE, no obligation help and advice.
Created on 13/06/2008 10:16:21
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