One of the UK’s top tax preparation specialists called upon secondary schools to teach taxes to pupils as a part of life skills lessons. David Redfern, director of DSR Tax Refunds, argued that children are currently leaving school unprepared for employment and self-employment as a result of their lack of knowledge about finance and taxation, calling upon education leaders to include lessons on personal finance including taxation.
Redfern, who has long campaigned for increased public awareness of taxation issues, argued that the UK’s schoolchildren are currently leaving school with little knowledge of personal finance, including taxes, leaving them unable to plan their finances and budget efficiently, and causing them to be at an economic disadvantage as a result. He stated that “under the current system, many young people leave school with little knowledge or awareness of fundamental aspects of personal finance, including taxation, which leaves them at risk of making unwise financial decisions as well as leaving them at the mercy of fraudsters”. Highlighting the risks of bank fraud and HMRC fraud, as well as failing to prepare for financial emergencies and the risks of using payday lenders, Redfern stated that by not including lessons on personal finance, young people were not being prepared adequately for adult life.
Putting particular emphasis on taxation issues, Redfern added that by teaching subjects such as business finance, business taxes and financial efficiency, schools could help those school leavers with an entrepreneurial spirit to set up and run successful start-up businesses. He stated that “as an economy, we are placing a greater emphasis on our skills within the technology and creative industries and want to encourage what is already an increasing contribution to the UK’s economy, but successful start-ups need strong financial education as well as creative and technological knowledge and that is where we need to do better in our education system”.
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DSR Tax Refunds Ltd are the tax preparation specialists, identifying maximum allowable expenses and providing maximum tax refunds for clients throughout the UK.
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