When is Tax Freedom Day this year?
So, that’s another tax season wrapped up with the passing of 31 January.
How much did you pay to HMRC Cumbernauld?
Or could you pay at all with the outage at Barclays?
Late payment penalties do not kick in until 1 March, but you will still incur late payment interest at 7.25% or ~ 20 pence per day per £1,000 of tax paid late. You can try to appeal to see what HMRC say. But will the interest amount be worth your time?
It is often said that if everyone had to make a bank transfer of their tax annually and thus understand how much they are paying, there would be riots in the streets.
So, Sir Kingsley Wood, Chancellor of the Exchequer, on inventing the PAYE system in 1940/41, may not have just provided monies for the war effort, but he may also have unwittingly prevented a UK revolution for generations thereafter.
🕰️ Tax Freedom Day in 2024 fell on June 10
This date marked the point in the year when the average British taxpayer has theoretically earned enough to cover their annual tax obligations and begin earning for themselves.
⏰ Tax Freedom Day in 2025 is predicted to fall two days later on June 12
That’s two more days of working for the government for them to spend your money
And that’s before Rachel from Accounts lays out her ‘Spring Statement’ on 25 March
What steps are you taking to legally minimise your tax bill this year?