Do local taxpayers really want to pay £450,025 in tax... each?

Ealing based accountants Stern & Company have launched a new free 54 question 'TaxAbility' checklist, along with a free TaxAbility hotline, to help people living in the South East to dramatically reduce their tax bills. According to Stern & Company, local people earning £25,000 a year will pay about £450,025 in tax over their lifetime - while those lucky enough to earn more than £25,000 will have even higher lifetime tax bills.

Launching TaxAbility Stern & Company partner George Stern said:

"Everybody has to pay their fair share of tax. But no-one should pay more than their fair share. And the key to paying no more than your fair share is to make full use of the tax breaks given to you by the government. The lifetime tax savings can be enormous. For example, for someone earning £25,000 a year, shaving just 5% off their tax bills will mean lifetime tax saving of £22,501 - and that's a lot of extra money for no extra work."

The TaxAbility checklist, which takes less than 20 minutes to complete, has been designed to help taxpayers start to identify where and how to make significant tax savings. Once it has been completed taxpayers are encouraged to speak to their Chartered Accountants. If they do not have a Chartered Accountant, or they would like a fresh perspective on their options, they can call Stern & Company's TaxAbility hotline for a free telephone consultation worth up to £50.

Copies of the TaxAbility checklist, and details of how to use the TaxAbility hotline, are available from Stern & Company on 020 8354 9000.

Notes to editors:

1. A copy of the TaxAbility checklist is enclosed with this press release.

2. Over a full 47 year working life, ie from 18 to 65, the lifetime income of someone earning an average of £25,000 a year will be £1,175,000. The Treasury's own 'Red Book' statistics show that c.38.3%% of national income will be spent by the government as tax over the medium term. Therefore the approximate lifetime tax burden on a £25,000 pa earner will be 38.3% of £1,175,000 - which is £450,025.

3. Stern & Company are a firm of accountants that specialise in helping local businesses and taxpayers to make the most of their opportunities. They have offices in Ealing, London.

For further information contact:

George Stern
020 8354 9000
gstern@stern.co.uk
www.stern.co.uk

Date:10 December 2002

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