It is always important for consumers to ensure they are paying the right level of tax. This is why it can pay off for individuals to invest in tax advice to help them complete their tax return accurately. If they do not do this, they may end up handing over too much money to HM Revenue and Customs, thus placing unnecessary strain on their finances.
Indeed, demand for tax advice may be particularly strong among high earners at present. According to the latest bi-annual Axa Big Money Index, a third of these consumers have switched to cheaper supermarkets and dipped into their savings in order to help make ends meet.
Also, more than one in ten (13 per cent) of people who lead so-called ‘executive lifestyles’ are not opening bills until the final demands arrive.
Meanwhile, it was also found that almost one in seven Brits across all groups cannot see a time when their income will cover their outgoings.
In addition, the research revealed that 28 per cent of UK consumers are cutting back on food spending, while almost a quarter are also spending less on gas, oil and electricity in a bid to save money.
Commenting on the figures, AXA UK’s marketing director Cheryl Toner said: “A pattern of relentless economising has set in since our Big Money Index surveys began in early 2011, and it’s showing no signs of easing. It’s alarming to see that even those deemed ‘untouchable’, the more comfortable sectors, are now feeling the pinch.
“Severe cutbacks are evident almost regardless of affluence levels.”
Some individuals may be able to recoup overpaid tax to ease their financial pressures and sourcing assistance with their tax return could be important. During times of financial hardship, it is particularly crucial for people to control their money effectively.