Financial advice website Unbiased.co.uk has announced today (May 14th) as Tax Freedom Day, the date where British employees have earned enough to pay off all of this year's tax.

 

Falling 19 days earlier than last year, the amount of tax the country collectively has to pay has now been covered by the total amount of UK earnings made since the start of the year, according to the website.

 

However, Unbiased.co.uk says that people are not doing enough to reduce unnecessary tax payments, with £10 billion being paid which could be avoided through breaks, reliefs and credits .

 

The website has also warned that Tax Freedom Day will fall later in the next few years as the government increases public spending during the recession .

 

David Elms, chief executive of Unbiased.co.uk, said: 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.

 

Professional advice website uSwitch.com recently announced March 25th as this year's UK Debt Freedom Day, the date when all of the country's earnings were enough to pay off its debt interest .