Tax Freedom Day 2005 (Whoohoo)

[Diamante]

Today is tax freedom day

 

By Ellen Cresswell

Last updated May 31 2005

 

UK taxpayers celebrate – every penny earned from today until the end of the year is yours.

 

All personal earnings from January 1 to yesterday, almost five full months, have gone to the government, but from now until the end of the year our salaries are ours.

 

Today is Tax Freedom Day, the point at which we stop working for the government and start working for ourselves. Devised by the Adam Smith Institute, Tax Freedom Day is calculated by dividing the government’s total taxes into the country's national income.

 

Tax Freedom Day 2005 is three days later than in 2004 and five days later than 2003. This is largely because of increased national insurance and council tax rates, according to the Adam Smith Institute.

 

Because of the budget black hole the government faces this year, it’s likely that it will fall in June in 2006.

 

“Tax Freedom Day highlights to us the vast amounts of money being channelled into the pockets of the taxman,†said David Elms, chief executive if IFA Promotion, the body representing independent financial advisers.

 

“No one likes paying tax, yet nine in 10 of us are paying more than we should and three-quarters admit to doing nothing about it. We are urging people to take tax action now to bring forward their personal Tax Freedom Day and celebrate early,†Mr Elms said.

 

Source

 

 

Celebrate nomads, CELEBRATE!! I've worked my ...(fill in the blanks) off this year for them basically, now I can just sit back and put more into my piggybank!

[Valenteenah.]

Are you pulling my leg, girly? I have never heard of a 'Tax freedom day' before today! No income tax? No NI contribution? Sounds pretty dodgy to me.

 

 

[EDIT] Oh..ok. I think I understand. They have taken all our earnings for the rest of the year into consideration already. Got it.

 

It doesn't make a difference, but its still neat.

 

Tax freedom day! Woohooo @ Dia!

[Juxa]

^^^^^ u right! this is new to me and i should know all the dodgy deals :confused:

[N.O.R.F]

You have some £4500 that is tax free for the year, example if your gettin £1000 per month 22% per month will be taxable from Jan to Dec, but if you only work for 4 months (gross of £4000) then the tax you had paid out is repayable in a rebate.

 

ps i have no idea what Dia is talking about

[underdog]

How it works is:

if you take the total income tax you pay during the course of the year, it adds up to every cent you made from January 1st to tax freedom day.

 

So if tax freedom day is May 30th then everything you made (gross) from Jan 1st to that day is government money....they let you keep the rest.

 

So 12 months of work, the Govt takes 5 months of your wages and you keep 7.....SLAVERY