Every household in Britain faces a tax bill of £1,250 to plug a black hole in public finances, according to a study published last week.

The Institute of Fiscal Studies (IFS) estimated that the government faces a shortfall of £39 billion by 2015-16 under present tax and spending plans.

The Bank of England governor, Mervyn King, has warned against more borrowing so the only way to plug the gap would be to drastically cut public spending or increase taxes, or a combination of the two.

John Whiting, tax expert at accountant Price Waterhouse Coopers (PWC) said: “I expect almost everyone will be affected by a tax increase. Taxing just the wealthiest is unlikely to produce all the revenue that will be required.”

The most likely candidates for increases are value added tax (Vat), National Insurance contributions (Nics), income tax and stamp duty, each of which could raise several billions each year, according to tax experts. Increasing rates on alcohol and tobacco produce tiny results in comparison. A 1p increase in the rate on alcohol, for example, raises only £100m a year. Increasing petrol duty by 1p would raise another £500m a year.

By contrast, adding 1p to National Insurance contributions, as the government did in 2003, would raise £5 billion a year.

The chancellor, Alistair Darling, has already announced several changes. From April next year, those earning more than £100,000 will lose half their personal allowance, now £6,475, while those earning above £140,000 will lose the entire allowance. This will create a marginal income-tax rate of 60% on these income levels.

By the 2011 tax year, a new rate of 45% on earnings over £150,000 will also be introduced as well as an increase in Nics from 1% to 1.5%.

However, these measures have been taken into account by the IFS study, meaning further action could be necessary.

The threat of tax increases has worried some. Danny Cox of adviser Hargreaves Lansdown said: “A number of high net-worth individuals are asking what they can do now.”

Planning for the changes is “on a lot of people’s radar”, said Whiting of PWC, while Mike Warburton, a tax partner at Grant Thornton, expects a “flurry of activity” as people take dividends or bonuses in advance of the tax increases in 2010 and 2011, especially if they own their own businesses. Here we show where experts believe the Treasury may target tax increases over the next five years and suggest ways to shelter from them.

Increase Vat to 18.5%