Brits failing to claim tax credits

Failure to claim all available tax credits will cost UK taxpayers over £4.2 billion in 2009/2010, according to research by Unbiased.co.uk, the professional advice website. Both pension and child tax credits are seeing millions fail to claim their allowances, resulting in huge overpayments.

Unbiased.co.uk research estimates that 8% of entitled families will fail to claim their Child Tax Credit, resulting in £1,850 million of tax benefits remaining unclaimed. Unbiased.co.uk Tax Action report also shows that over a quarter of pensioners will fail to claim their pension credits, resulting in a waste of just over £2.4 billion. The total of £4.2 billion wasted in unclaimed tax credits represents a 17% increase from the previous year's total of £3.6 billion.

With the July 31st 2009 deadline for claiming back tax credits approaching, Unbiased.co.uk calls for taxpayers to claim this money and not miss out any longer. With belts tightening in the current climate it has never been more pressing for UK taxpayers to ensure they are not giving more to the taxman than they should be.

David Elms, Chief Executive of Unbiased.co.uk commented: "People are missing out on record quantities of money by failing to claim tax credits to which they are entitled. The system has been set up to help those on lower incomes and quite simply if you don't claim your credit, it expires. We are urging people to get their financial planning in order and review their current situation today. A discussion with a local IFA is a great way to start this process. An IFA will ensure that all advice provided is appropriate for their client's personal and family financial situation."