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Money Fight Club: The smart way to save money one punch at a time by Lindsay Cook, Anne Caborn

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Round 7: Tax

“We don’t pay taxes. Only the little people pay taxes.”

Wealthy American hotelier Leona Helmsley, jailed for 19 months for federal tax evasion

We hear daily of super-rich individuals and mega companies who pay very little or no tax while the millions of us “little” people – employees, the self-employed and pensioners – seem to pay an awful lot of it.

In 2013 Her Majesty’s Revenue and Customs (HMRC) announced that more than 5m people had paid the wrong amount of tax in the 2012/13 tax year. Two million had to pay an average of £400 to £500 extra tax while 3.5m were told they had paid too much and were due a refund. Our view is that if HMRC were able to verify that this many people paid the wrong tax then the real figure is probably ...

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