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Brits warned of tax over-payment

Britons have been warned that they could be paying too much tax.

IFA Promotion, the trade association for financial advisors, warned that some people could be paying more tax than they need to.

The body is urging people to get professional advice, as they could reclaim any over-payments dating back to 2003.

"Over-paid tax can be reclaimed from the HMRC up to five years previous so it isn’t too late if you think you have been paying too much," said David Elms, chief executive of IFA Promotion.

He added: "The transfer of assets between partners subject to different tax rates can result in the reduction of tax liability and can provide an extra slice of savings for many households.

"With individuals being taxed on pensions, interest from banks, dividends from shares and income from property there are many different sources of income that can be shared between a couple to avoid paying unnecessary tax."

This comes at a time when households are facing financial pressure, with utility bills and mortgage repayments rising.

As a result of the credit crunch, loans are more expensive and harder to come by, meaning any saving will be welcomed.

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