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Did you know that 30th May is also known as “Tax Freedom Day” for UK residents?

According to the Adam Smith Inistitute, it has been calculated that for the average UK taxpayer, the 30th May is the first day when your 2013 earnings go into your own pocket.
Up until this date, all your earnings have effectively gone to the government in the form of various taxes.

This year, tax freedom day is a day later than last year, a sign that the tax burden for UK citizens continues to increase.

This date is calculated by measuring taxes and national insurance contributions as a proportion of the UK’s national income. This results in a figure of 41.5 percent, which in turn gives 150 days as a share of the year.

Tax freedom day varies depending on where you live. In Australia and the US it comes much earlier in mid April, but for citizens of France it isnt until July.

Transform Accounting are Chartered Management Accountants and Tax Technicians able to assist with personal tax returns, sole traders and company payroll whilst specialising in limited companies, consultants, contractors and business start-ups.
We can also help with interim financial controllers for small and medium sized businesses.
Fixed fee packages are available as are free initial consultations. Customer references are available on request.

See www.transformaccounting.co.uk or telephone on 01277 365447

Accountant BrentwoodTransform AccountingEssex Accountants

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