Brits could be wasting millions of pounds on tax because they do not understand enough about their tax position, according to recent findings.
Research from Fidelity International revealed that there are high levels of tax illiteracy among consumers and an estimated 33 million UK tax payers say they are confused about tax.
Some 15 per cent of people surveyed said they do not know which tax band they are in, while a quarter of people with taxable income worth more than £50,000 think that they only pay 20 per cent tax.
A Know Your Tax campaign has been launched by Fidelity International to help people understand their taxes and make their savings more tax efficient.
With many consumers already struggling to get credit during the recession, consumers can avoid throwing hundreds of pounds away by understanding their tax, according to Paul Kennedy, head of tax and trust planning.
He said: "We believe everyone should have some level of understanding about their own position otherwise they could be throwing money away."
Proposals to increase council tax or make cuts in public services were among some of the reforms being debated by experts at a CIPFA conference in Manchester in July, according to the Public Service website.
