Sunday, 31 May 2015

Tax Freedom Day

Tax Freedom Day passed by on Sunday with very little fanfare.

Tax Freedom Day? Yes, the day each year when the average Brit has finally paid enough tax to HMRC, everything they earn after that date is their own, apparently.

Sunday 31st was Tax Freedom Day (tfd). Which was one day later than it was in 2014. It was 6 days later than 2010 when we started the Coalition Government.

Our tfd is a month later than it is in the states, which some will find quite distressing. But we are by no means the worst.

In Norway the citizens have to work until July 29th, and the French the 16th July. Even the Germans make it into July... The lowest is India, they have freedom from the 14th March. Surprisingly the Aussies are tax free from the 10th April. The dates are from Wikipedia, so sorry if some are a little bit out.

Comparing our tfd to others around the world puts us more or less snack bang in the middle. What does that mean? Should we pay more tax or less? An age old question. We'll let you answer that one.

Britain of course has had some very high taxation days in the past. The highest was 1981, which was under the Thatcher Government, Brits had to pay tax for the first 173 days. There were obvious reasons for that, but still... Paying tax until June 22nd, might make some people eyes water.

Now, we raise this to tell you about your tax freedom day, it is entirely up to you whether you feel you get good value for that our not...

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