Want £100 a month extra in your pocket?

According to figures from the Taxpayers Alliance, the average family will pay over £650,000 in tax over their lifetime. But, if you are in the 25% of highest incomes of £80,000 a year your tax is double at £1.3m.

So, at Sackmans we think it makes as sense to do everything possible ensure you do not miss out of obvious tax breaks. So, it came as a surprise to discover that, according to research from Prudential, an estimated 182,000 higher rate taxpayers are missing out on pension contributions tax relief worth around £229 million.

Over a quarter of people survey who are paying pension contributions are not claiming the additional tax relief on their pension contributions. The research found the average person is turning their back on £100 a month.

The good news is that it is possible to reclaim tax relief you have missed out on and that claims can be backdated for up to three tax years.

Pension planning is one of the top tax planning strategies along with taking company profits using a combination of low salary and dividends. But, there are many ways to pay less tax including equalising income in families to maximise Child Benefit, making sure you claim all expense as well as timing when you incur business expenditure.

To make sure you are not missing out on tax savings book a tax planning review.