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Thursday 13th September 2007
People who do not understand or have a problem with their taxes should not be shy to seek information and advice, a spokesperson for the Chartered Institute of Taxation (CIOT) has said.
Research conducted by CIOT found that a shocking 47 per cent of UK taxpayers said they never checked to see if their PAYE code was correct, with 42 per cent saying they found it 'very' or 'fairly' difficult to understand if they were paying the right amount of tax.
John Whiting, a spokesperson from CIOT, said that there were lots of reasons why people have problems with tax and that those problems could be costing them money.
He advised people to check their PAYE code, saying: "Too many people shy away from it, too many people assume that HM Revenue and Customs will get it right.
"People assume that it's all too difficult and they can't do anything with it, when really people just need to take an enlightened interest in it."
"You shouldn't be scared of checking. It can look complex, it can look daunting but you have got to grit your teeth and get on with it."
He added that there was plenty of information and advice available to those who sought it out, both from financial advisers, the Citizen's Advice Bureau and from HMRC itself.
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