Workers could lose out on

3rd August 2012

Provided by Rift Capital Allowances

Experts have claimed that over £1000 is lost every year, due to workers failing to collect their due tax relief on their pensions. A lack of awareness is believed to be at fault and it is estimated that overall £300 million is lost each year by the working population. A vastly greater degree of educating and informing needs to be done by the State and employers, in regards to what is fully owed to workers through tax relief.

The study conducted by Prudential points towards the majority of the working population being unaware of what is rightfully theirs through tax relief. A whopping 60 percent of workers fail to claim their full 40 percent of tax relief due. In addition, 19 percent are unsure if they've actually collected that full amount. This then means that a total of 79 percent of workers are uncertain of what they're entitled to through tax relief.

The average employee works for a 40 year span throughout their life. Therefore, considering experts claim £1000 a year is lost by a significant proportion of workers, some are losing out on £40,000 throughout their lifetime – a large figure that could have otherwise gone to great use post-retirement.

Unfortunately, while we are bombarded with information on what we owe the State, little is mentioned to us in regards to what the State owes us. Therefore, what is needed is a government program based on informing people on what they ought to recoup through tax reliefs. Unfortunately, this may never happen as a general lack of awareness on this matter is obviously convenient for the government.

There are a number of businesses however, such as Rift Capital Allowances that work to help people discover and recoup what is rightfully owed to them through tax reliefs.

Matthew Stephens, a tax specialist at Prudential, said: 'It's astonishing that so many people fail to claim this valuable tax relief, which could help enormously in meeting the cost of retirement.

'Surely no one would knowingly turn their nose up at a potential £1,020 extra tax saving?'

Prudential estimated that over 290,000 workers could be missing out on such amounts and educating employees is therefore fundamental to ensuring the majority of working citizens get what is rightfully theirs.

20 thoughts on “Workers could lose out on”

  1. Justathought says:

    Hi Shaun,

    Wasn’t it predictable that the market would become extremely volatile? Around the world aren’t we assisting to a demand collapse? Not long ago Greece showed signs of disinflation which might turn into deflation. The “wealthy” millionaire and billionaire are sweating to find safe havens, over the week end the five sages of Germany emphasis the seizure of above E100.000 through taxation and/or hair cut to become a rule http://www.telegraph.co.uk/finance/financialcrisis/9993691/German-Wise-Men-push-for-wealth-seizure-to-fund-EMU-bail-outs.html
    and to quote Nouriel Roubini:” “There’s not going to be anyone coming from Mars or the moon to bail out the IMF or the Eurozone. “So at some point you need restructuring. At some point you need the creditors of the banks to take a hit —otherwise you put all this debt on the balance sheet of government. And then you break the back of government—and then government is insolvent.”

    By the way I tried to order some Gold bullion, my answer‘s dealer was:” Forget about collecting it, we ran out of stock” I think that all Gold/Silver papers were far more than the actual physical Gold/Silver containt within the whole of the solar system.

    The Japanese QE’s tsunami is hitting too…
    http://traderdannorcini.blogspot.com.es/2013/04/japanese-money-flooding-european-bond.html

    1. Anonymous says:

      Not surprisingly the Troika found that Greece is ‘on track’with it’s reforms and could therefore receive the next tranche of the bailout. What they didn’t say (the truth) is that Greece has NOT met it’s bail out terms and only may do so in future (the future can mean anything) so we are going to give them yet more cash because to do otherwise would destabilise the Eurozone and that must be avoided at any cost. The Troika go though the motions but I don’t know why they bother – just send the money and save a few airfares and hotel bills. It’s a farce.

      1. Justathought says:

        Hi Pavlo,

        The estimate 112 metric tonnes of Greece’s gold might be at stake (it is real stuff!) most banks stocked only papers gold. How far the rabbit’s hole goes?

        1. forbin says:

          is it just a co-incidence that when the Greeks and Cypriots are forced into selling their gold that the price drops ?

          Things that make you go Hmmm – C+C music factory

          perhaps they should sell their popcorn stock ….

          Forbin

          1. Justathought says:

            Hi Forbin,
            In my perso lexicon there is no such thing as coincidence… All is govern by laws… (sure physicists will agree with…)

          2. JW says:

            Heisenberg’s? but only a ‘principle’ not a law.

          3. Justathought says:

            Ooops my semantic mistake

          4. James says:

            Perhaps they could ask Gordon Brown for advice on how to sell gold…

          5. Anonymous says:

            Hi Guys

            Just to add to the Greek gold debate then whilst Greece can be sure that some of its is real (or rather they can easily check what is in their own vaults), a fair bit is held abroad. Let’s hope it is all present and correct.

            http://www.mfa.gr/uk/en/the-embassy/news/bank-of-greece-greeces-gold-reserves-totaled-376-million-ounces.html

    2. Anonymous says:

      Hi Justathought

      As to the volatility I find it interesting where it began and we will see what happens next. Equity markets have rallied but in a much more controlled fashion.

  2. Jim M. says:

    Hi Shaun,
    Would it be considered terribly impolite to suggest that Mr Dimon should be dancing his jig at the end of a rope?

    1. Anonymous says:

      Hi Jim

      It is at times like this that it is tempting for me to be a fan of capital punishment! Or rather that I still think that it is wrong but I guess no decision is faultless……

  3. Great work Shaun. Just a quick one on the substantial point in the article. You may wish to note this on MR T:
    http://www.starpulse.com/news/index.php/2009/09/28/hurricane_katrina_inspired_mr_t_to_retir

  4. forbin says:

    Hello Shaun,

    LoL ! seems we’ve been to used to 112$ oil that 100$ is cheap ??

    a week is a long time in politics – same goes for trading

    a problem for all those in the Shale/tight oil or even kerogen shales – I’m willing to bet if prices fall below that 100$ pyscological barrier and stay there for a few months that lots of OilCo will be stopping drilling for new plays.

    they’ll have to run the current ones for capital flow – but with 40% decline rates in a year ……. ho ho ho!

    Yes I think theres some kind of “war” going on here – come on 7.2% growth is a European / USA dream !! poor for China – I don’t think so – at 7% in ten years they’re be double the size – factor that in on declining resource base

    and the only way is up – Yazz & plastic population 😉

    Forbin

    1. Anonymous says:

      Hi Forbin

      I agree entirely that US$100 oil is not cheap but it is relatively so after the spell of higher prices we have endured. Of course to do any good the price will have to remain at this prices for a sustained spell.

      For us in the UK we saw the pound weaken to US$1.528 today so we lost a little of the gain or rather Mervyn King’s “masterplan” was in operatio again.

  5. JW says:

    Hi Shaun

    Instability and volatility as much to do with the computer algos as anything else I think.

    The Electricity ‘proxy’ has been signalling false growth numbers in China for some time. The BDI is still bumping along the bottom. Brasil, India, Russia can only buy so much ( Brasil less this year).

    Marc Rich was bought out of Glencore in the early 90s. They may be tough operators but no more ‘dirty’ than anyone else in a tough game.
    Sorry for this one ( a little pedantic I know) but the ‘ring’ was ‘my precious’ not any particular metal.

    1. forbin says:

      Hi JW,

      the medium term looks to me as too many people chasing too few resources

      but the BDI is a worrying trend indicator I ‘d admit

      maybe the tune should not be Yazz but Status Quo – Down Down ,Deeper and Down ….. :-)

      Forbin

    2. Anonymous says:

      Hi JW

      That whole commodity sector is in need of a clear out in the way that the banks are. I watched a BBC 4 documentary on how these companies operate in the Congo and it is not far off financial rape and pillage.

      As to the “precious” you are not being pedantic as it was a ring, but it was a gold ring. On that subject I do not recall what the other rings (Men,Dwarves and Elves) were made of.

    3. Anonymous says:

      Hopefully some of the growth goes into energy efficiency. For argument’s sake a ground source heat pump supplies 3 times the heat per unit of electricity that standard heater electric gives.

      My 70s ford falcon produced 155hp and got 20mpg, where the 90s BMW produced 193hp and got 30mpg.

      Energy efficiency adds to my living standard.

  6. Anonymous says:

    On the electricity consumption point the opposing point of view I am getting is that the read across to GDP growth may not be that effective as China is getting more energy efficient.
    Given the level of investment in China you would expect it to get more efficient more quickly.
    What is the read across generally for different economies between industrial demand for electricity and GDP growth?

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