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TAX FREEDOM DAY

As of Saturday 3rd June the average UK taxpayer has finally earned enough money to pay off their annual tax burden.

Why not trade them in for some wheels? Tax Freedom Day is celebrated as the day of every year in which UK taxpayers are free of their tax commitments. Tax Freedom Day is calculated by the Adam Smith Institute and includes all forms of tax e.g. VAT, Inheritance Tax, Corporate tax, Income tax and Capital Gains tax etc.

Despite first impressions, this year’s Tax Freedom Day is not good news, as Classic Financial Solution’s Rachel Finch explains: 'Whilst Tax Freedom Day is always a welcome day, the bad news is that this is the latest Tax Freedom Day we have had in this country since 1988. We are increasingly paying more tax and there is no sign of improvement in the near future.'

Five things you didn’t know about Tax Freedom Day

1) USA celebrated their tax freedom day on 26th April this year, six weeks earlier than the UK.
2) The earliest Tax Freedom Day in this country was 23rd April in 1964
3) The latest Tax Freedom Day was 15th June in 1982.
4) The Swedes suffer the latest Tax Freedom Day in Europe, not celebrating until 29th July.
5) Under Labour Tax Freedom Day has fallen later and later each year in line with increased Government spending.

CFS is a proactive team of chartered accounting and finance specialists who help clients and businesses maximise their tax benefits. CFS have capitalised upon their success in the past few years to establish additional branches in Bath and Stonehouse.

To celebrate Tax Freedom Day, CFS offers the following free tax advice:

Over £200m is wasted by taxpayers every year who fail to transfer their savings accounts to non-taxpaying spouses to reduce or remove their tax liability
People deciding to shelter their savings in an ISA or moving their savings from an ordinary deposit or savings account to an ISA could avoid almost £200m in tax.
Child Trust Funds are a tax-efficient way to save for your child’s future, be sure to invest in the voucher.
Draw up a joint will which specifies on the first spouse’s death, £285,000 is passed on to the children (or any other relative), the remainder being inherited by the surviving spouse.

To seek further advice on reducing tax burdens on maximising your financial benefits please give CFS on 01242 548600 or visit http://www.cfsca.co.uk/. CFS is presently offering a free business health check.

For further media information please contact:
Richard Millington
apt marketing & pr
01242 250692
Richard@aptmarketing.co.uk