UK taxpayers are wasting billions in unnecessary tax payments due to lack of awareness, insufficient knowledge or apathy, according to new research released today by unbiased.co.uk.

The 2015 Tax Action report, commissioned in partnership with Prudential, reveals that total waste this year could top £4.9bn, through unused allowances across ISAs, pensions, capital gains tax and inheritance tax.

However, help is at hand. unbiased.co.uk have compiled a list of top tips from their network of advisers to ensure taxpayers don’t end up paying over the odds.

• “My top tip would be visit a financial adviser,” Karen Barrett, chief executive of unbiased.co.uk urges. “We can’t all be tax experts, but we can all pick up a phone and talk to one. You could save a lot more than the cost of any advice simply by rearranging your finances and taking what’s rightfully yours.”

• “Tax planning requires triple vision – a focus on the best tax efficient return for your savings while invested alongside the tax position when you put your money in and get it back out again,” Les Cameron, tax specialist at Prudential says. “Get the balance right and you’ll not have to pay unnecessary tax now or in the future.”

• “If you are saving for anything at all after age 55, consider using a pension,” David Penny of Invest Southwest suggests. “The tax advantages are massive. Even things like mortgage repayment, school and university fees can benefit, now that George Osborne has introduced such high levels of freedom.”

• “If you earn more than £50,000 you start to lose your entitlement to child benefit,” notes Jonothan McColgan of Combined Financial Strategies Ltd. “However, by making a pension contribution you can actually reduce your taxable earnings below this level, and so preserve this benefit for your family.”

• “It’s generally more profitable to invest in ISAs at the beginning of the year, and the allowance is rising again,” Alistair Cunningham, of Wingate Financial Planning states. “Take advantage of the full allowance if you can afford to, and as early as possible.”

Your Money guide ‘Five reasons to use a financial adviser‘.