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TAKEN TO TAX?

Document Cited in Related
Vincent
Published date08 April 2024
Publication titleEvening Gazette
Here John Chew, a pension, tax and estate planning specialist at Canada Life highlights some common tax mistakes... 1. Not checking your tax code The average taxpayer only checks their tax code once every two years, research from Canada Life indicates

John cautions: "Those who are not on the right code may find themselves out of pocket. Overpaying means you should get a rebate."

But underpaying means you may have to make up the shortfall. People who believe they may be due a refund can visit gov.ukclaim-tax-refund to find out more.

If they believe they owe tax but have not received a letter, they should contact HM Revenue and Customs (HMRC).

2. Breaching the personal allowance for savings Rises in savings rates may mean some people are close to being pushed over the personal savings allowance.

While bank interest or interest on savings is taxable, the personal savings allowance means that the first £1,000 of interest earned is tax-free for basic rate taxpayers, and the first £500 is tax-free for...

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