According to unbiased.co.uk, Thursday 30 May marks ‘Tax Freedom day’ a notional date in the year when Brits can celebrate not giving everything they earn in tax payments.

The date is calculated annually by the Adam Smith Institute, by adding up all the taxes people pay in the UK and dividing by their incomes, highlighting that it will take the average UK worker 150 days this year to pay off their tax debt.

The research also revealed that UK taxpayers are set to gift a staggering £4.6bn in in necessary tax this year.

Looking specifically at four key areas of tax, (Individual Savings Accounts, tax relief on pension contributions, Capital Gains Tax and Inheritance Tax); the research shows that nearly 4.3 million people not currently paying into a pension but who would potentially consider it are wasting £2.6 billion, just by not making use of the tax relief on pension contributions.

Karen Barrett, chief executive of unbiased.co.uk, said: “This year Brits will spend 150 days paying off their tax debt; that’s one more day to the taxman compared with last year.

“It’s clear there’s plenty that taxpayers can be doing to take tax action and potentially bolster their pockets as a result. We all know that our taxes go to benefit the whole community, at a local and national level, but nobody should be paying more tax than the rules require of them.

“It’s important that we help ourselves to be as efficient as we can with our finances and use the tax reliefs and allowances available to us.”

Those unsure about their current tax position are being advised to enlist the help of a professional tax adviser to review their current tax position.