Each year the Adam Smith Institute calculates the date of Tax Freedom Day, the first day of the year where you work for yourself rather than the taxman (theoretically, all the money you have earned in 2012 so far up to that day, as a proportion of your salary, will be paid in tax.)
This year Tax Freedom Day fell on the 29th May, two days later than last year, so congratulations, today you are working for yourself! The idea got Roger Edwards, Marketing Director of Bright Grey thinking about these so-called Freedom Days and he posted a great infographic on his blog showing how your annual salary breaks down and how long you work to pay for each aspect of your life; tax, housing, groceries, holidays etc.
It makes for pretty interesting reading, particularly when you see that compared with the 150 days of working to pay your annual tax contributions, you only need to work four days to pay for protection insurance for your family. We’re all concerned about the amount that the taxman takes each year, but on a personal level there isn’t much you can do, sadly. However, what you can do is ensure that your assets, your family and your peace of mind are secured with protection insurance. Make Protection Freedom Day your priority now that you’re free from the taxman.
Let us help find the deal that’s right for you – who knows, we might even get those four days down to three!