IFA promotion (IFAP), the Independent Financial Adviser representative body, has published figures that people, particularly, those who are higher rate tax payers (or high net worth clients) waste billions every year by not completing tax returns correctly or by not saving in a tax efficient manner.
For example, how many people do not have their first £3,000 of cash that they have in a cash mini-isa (a tax-free savings account)?
IFAP reckon that higher net worth people throw away over £390m because they do not complete their tax returns properly and £1.8bn because they do not use their allowances.
For more on tax saving ideas visit the Tax Free Adviser.com.
Why not use our guide to ISAs.