HSBC: Consumers often failing to address income tax issues
Date posted: 08 Sep 2010
A number of UK consumers are not paying much attention to the issue of income tax, research suggests.
Published by Louise Border.
Income tax is something that a number of the country's consumers are not paying a great deal of attention to, new figures have suggested.
As many as 36 per cent of those queried in a recent HSBC survey have never taken the time to look over their P60s, the bank has revealed.
Meanwhile, 54 per cent are unaware of what their current income tax code is, the firm's research has also highlighted.
In addition to this, HSBC has found that 30 per cent of people are not aware that income tax could apply to their pension incomes.
The banking organisation's head of pensions, savings and investments David Wells feels that P60s and tax codes need to be reviewed by people in the UK.
He added: "Whether you are in full or part-time employment, there is always a chance you have been overpaying in which case you can reclaim the tax."
After revealing that many consumers have recently under or overpaid their tax, HM Revenue and Customs is currently sending out letters to the first 45,000 affected people.
Please contact Ed Turner, head of services for individuals, for further information or call 01223 225196 
Click here to email or call on 01223 225124.
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