Learn about tax, says high interest savings account supplier HSBC

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Learn about tax, says high interest savings account supplier HSBC

Wed 8th Sep 2010

People could find they have been paying too much tax and are in line for a rebate, according to a spokesperson from HSBC.

David Wells, head of pensions, savings and investments at the company, suggested it is important for employees to know their tax code and check it against their P60 every year.

He pointed out that any error could mean a sizeable rebate is due, or conversely, a "large tax bill" might be coming up.

Mr Wells said: "This research demonstrates the importance of being aware of all aspects of your finances and tax allowances; it is the obvious way to see if you can save money."

Research carried out by HSBC showed 54 per cent of Britons do not know which income tax code they should be on.

Last month, the firm revealed it is opening an additional 170 branches on Saturdays and 80 are staying open later during the week, in an effort to make it easier for customers to do their banking.

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