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Savers will be focusing on the coming year as 2021 comes to a close and with this in mind, interactive investor recently polled 1,900 Britons on what their main financial concerns are for 2022. The results showed tax obligations rank towards the top.

Rebecca O’Connor, Head of Pensions & Savings at interactive investor, broke down the specific tax concerns Britons will need to prepare themselves for.

She said: "Higher tax payments announced this year will really start to bite in 2022. Income tax band thresholds were frozen in 2021 until 2026. So was the Lifetime Allowance - the £1,073,100 limit beyond which pension withdrawals become liable to a tax charge.

“Freezing thresholds and allowances is a clever way of increasing the tax people end up paying without technically increasing taxes. That’s because as salaries increase, more people are dragged into paying higher rates of income tax. Pay has been rising relatively quickly this year in the aftermath of the pandemic, according to the ONS, which for the Treasury, means more people paying more tax.

“Similarly with the Lifetime Allowance, the more investment growth a pension pot experiences and the more contributions someone makes through their pay, the higher the likelihood that they will end up paying a tax charge on withdrawals."

Even for those Britons fortunate enough to get pay rises in the coming months, tax obligations will still hit their budgets heavily.

READ MORE: 'Who pays for these spiralling budgets?': IR35 issues to hit taxpayers

Ms O'Connor continued: "Salary increases will bring more people into paying the 20 percent basic rate of income tax, which you start to pay once you earn more than £12,570 a year. Anyone whose salary rises above the higher rate income tax threshold of £50,270 will end up paying 40 percent tax on a higher proportion of their earnings.

“The new Health and Social Care levy adds 1.25 percent on top of current National Insurance contributions for all workers from April 2022.

“These are noticeable amounts of money and households will feel the tax squeeze – it won’t be a simple case of absorbing the rises. With inflation and other pressures hitting households, people may find they have to budget more diligently to pay their taxes."

Fortunately, Ms O'Connor concluded by highlighting when these tax costs will begin to hit home, along with how some people may be able to preemptively prepare.

She said: "The first tax payment pay point of the year will be when tax returns are due in at the end of January.

“For those paying tax via PAYE, it’s worth comparing payslips, especially if you’ve had a rise, to see how much your tax bill has gone up.”

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These rising costs may be made worse by rising inflation over the coming months, which many consider to be another kind of tax on people's budgets.

While Inflation surpassed the Bank of England's target in late 2021, the central bank's monetary policy chief warned it could go even higher in the spring.

Ben Broadbent, the central bank’s deputy governor, warned inflation could “comfortably” rise above five percent in the coming spring.

Speaking at the Leeds University Business School in early December, Mr Broadbent said: "If wage earners’ expectations of future inflation rise in response, or if they seek compensation for the rises in the costs of living that have already occurred, wages could also accelerate further, even without any additional decline in unemployment.

"The aggregate rate of inflation is likely to rise further over the next few months and the chances are that it will comfortably exceed five percent when the Ofgem cap on retail energy prices is next adjusted."

Energy will likely be among the largest costs to worry about for consumers over the coming months.

Martin Lewis recently warned Ofgem's price cap could rise to £1,660 per year on typical usage in April 2022. However, other analysts warned it could jump to over £1,800, a rise of around 40 percent.

Martin warned: "It’s a horrendous rise, but this is the thing you need to think about: compare it to the cheapest fix."

He explained during an episode of "Martin Lewis Money Show" that by sticking with current deals, consumers should save until April compared to taking out a new fixed deal, and when prices go up, customers will still likely be paying less compared to the cheapest fixed deals available now.

Fortunately, while consumers can do little to impact changing energy tariffs, there are actions they could take to cut their utility costs.

In the face of rising energy bills, NetVoucherCodes.co.uk issued the following tips on how consumers can lower their bills.

NetVoucherCodes.co.uk said: "Ensure furniture is not covering radiators, as this can block heat from filling your home. A sofa or bulky chair will trap heat, meaning you’re paying for the warmth but not feeling the benefit of it.

"Fridge freezers: These hefty white goods can consume up to a third of all the power in your home. Investing in an energy-efficient appliance should lower the cost of running them long term and reduce CO2 emissions. Fridges with energy labels A+++ will consume up to 80 percent less than a rating D.

"Other money-saving tips include keeping the door shut, especially if you are spending a large time browsing for the perfect snack. Your fridge will be working overtime trying to achieve its optimum temperature. Don’t forget to defrost your fridge when prompted. A build-up of ice could seriously damage the efficiency of your fridge. Regular defrosting can help avoid this."

"Ensure furniture is not covering radiators, as this can block heat from filling your home. A sofa or bulky chair will trap heat, meaning you’re paying for the warmth but not feeling the benefit of it.

"Fridge freezers: These hefty white goods can consume up to a third of all the power in your home. Investing in an energy-efficient appliance should lower the cost of running them long term and reduce CO2 emissions. Fridges with energy labels A+++ will consume up to 80 percent less than a rating D. Other money-saving tips include keeping the door shut, especially if you are spending a large time browsing for the perfect snack. Your fridge will be working overtime trying to achieve its optimum temperature. Don’t forget to defrost your fridge when prompted. A build-up of ice could seriously damage the efficiency of your fridge. Regular defrosting can help avoid this.2

NetVoucherCodes.co.uk concluded by examining what people can do with their household electronics and energy usage. 

It said: "TV: Regularly running for hours on standby will waste loads of electricity. Switching the power off at the wall is the best way to avoid this energy munching mistake. Pick a LED TV, over an LCD or plasma screen, as they consume far less energy. "Tumble Dryers: While they are a complete blessing when you need your washing in a hurry, the tumble dryer is notorious for racking up your energy bills. Be more mindful when it comes to drying your clothes. Make the most of sunny days and hang out the washing or use maidens around your home. When you do go to use your tumble dryer, make sure it’s full to maximise efficiency. The less you use it, the better.

"Lights: Switching off lights when you leave a room is probably the most talked-about energy-saving tip. While it may be the simplest way to save energy, it’s surprising how many of us forget! Energy-efficient LED light bulbs can be up to 80 percent more efficient than conventional bulbs.

"Desktop Computers: Desktop computers are energy-hungry and can cost up to £13 a year to run. This all adds up, especially when compared to the annual £4 used for your portable laptop. Add a printer into the mix and you will be spending even more.

"Smart thermostats: Investing in a smart thermostat is a great way to control how much energy you’re using through your central heating. Thermostats can be set from your phone, letting you control the temperature from afar. Put your heater on a timer so you’re not overspending without even realising. Investing in a more energy-efficient, A-rated condensing boiler could save you up to a huge £300 per year. These new style boilers include a programmer, room thermostat and thermostatic radiator controls.

"Insulation: If you want to stop heat escaping from your home, insulating your roof is a great way to combat this. Retaining the heat inside your home means you could shave up to £130 off your energy bills each year. This could cost several hundred pounds but could save you a fortune in the long term."

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