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Your Money > Tax > How much tax are you wasting?

How much tax are you wasting?

Unless you're the Chancellor, taxation will never be that exciting, but you might be surprised to see where all this tax waste comes from, and how easy it can be to remedy. The calculator below gives only a very basic indication of how much you might be wasting already, considering some of the more common areas of waste; however, an independent financial advisor can talk through your individual circumstances in detail, face-to-face. They can help you work out the most effective financial plan of action, to ensure you make the most of the range of tax breaks available to you, and stop wasting tax.

About you
1. Do you have a partner?	Yes No
2. Have you got any children?	Yes No
3. Have you made a will?	Yes No

Your tax band(s)
4. At what rate do you pay tax?	Non-taxpayer 0% Starting 10% Basic 22% Higher 40%
5. At what rate does your partner pay tax?	Non-taxpayer 0% Starting 10% Basic 22% Higher 40%
6. Do you use both of your personal allowances each year (by transfering assets)?	Yes No
7. Have you filled in an R85 form to say you are a non-taxpayer?	Yes No

Your savings & investments
8. Have you maximised your ISA investments for this tax year (£7,200 equity ISA or £3,600 cash ISA)?	Yes No
9. Have you utilised your annual CGT allowance of £9,600?	Yes No

Your pension
10. Do you or your company pay into a pension?	Yes No
11. Is the contribution more than £300 per month / £3,600 per year?	Yes No

Your tax forms
12. Did you receive a self-assessment tax form this year?	Yes No
13. Did you return it by 31st January?	Yes No

Children's tax credits
14. Have you claimed children's tax credits?	Yes No

Giving to charity
15. Do you give money to charity?	Yes No
16. Do you donate through Gift Aid or Payroll Giving?	Yes No

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