Consumers celebrate ‘Tax Freedom Day’
Consumers will no doubt be celebrating Tax Freedom Day on June 1st, which marks the theoretical point when they “which they stop working for the government and start working for” themselves.
Research from unbiased.co.uk found that all of a person’s income from the first five months of the year is normally paid in tax.
It also found that people can reduce their tax burdens, since about £160 is “wasted” on unnecessary tax liabilities per person each year.
David Elms, chief executive of unbiased.co.uk, commented: “Tax Freedom Day is a key date in any UK taxpayer’s diary as it highlights just how much we pay into the taxman’s pockets each year.
“But there are many ways in which we can reduce our tax liability.”
These include claiming tax credits, with £2.3 billion of “free money” ready to be claimed.
Consumers worried about their finances may be able to regain control of them by seeking debt help.
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