Tax freedom day falls on 14 May this year

With only 16% of British adults feeling their tax burden is fair, taxpayers can this week raise a bittersweet toast to Tax Freedom Day, the notional point in the calendar year when we stop working for the taxman and start working for ourselves. Tax Freedom Day falls 19 days earlier than last year, on 14 May 2009, but Unbiased.co.uk, the professional advice website, is urging individuals to take tax action in order to bring their personal Tax Freedom Day forward.

Unbiased.co.uk's annual Tax Action report reveals that as a nation we will waste over £10 billion by squandering tax breaks, reliefs and credits and paying fines for late or inaccurate tax returns. The amount of tax wasted through poor financial planning will increase by £700 million in 2009 compared to 2008, amounting to the highest ever wastage since Unbiased.co.uk's campaign began 17 years ago. However, over four fifths of UK taxpayers (81%) admit to having done nothing to reduce their tax payments over the past year.

David Elms, Chief Executive of Unbiased.co.uk commented: "The Adam Smith Institute, which calculates Tax Freedom Day to highlight shifts in the public tax burden, says this is the earliest it has fallen since 1973. However, they also warn that this day is likely to fall much later in years to come as the Government seeks to repair the public finances on the other side of this recession, so taxpayers cannot afford to be complacent about the tax they pay. By taking action to reduce your individual tax waste now, you can offset some of this likely increase in tax burden as well as ensuring you have the most suitable set of financial solutions for your specific needs.

"Almost everyone can take action to bring their personal Tax Freedom Day forward, and sometimes a few simple steps can make a marked difference. Seeking independent financial advice is the first step to tax efficient financial planning - an independent financial adviser can assess your entire financial position and ensure you are being as tax efficient as possible."