
New research from the Co-operative suggests that - when taking into account all taxes - Britons spend a third of the year working for the government.
This week marks the first time of the year that Britons' wages go straight into their pockets, according to the Co-operative.
Data analysed by the firm shows that British employees have to work 129 days this year - more than a third - to cover all their taxes. If taxes to the government were paid before any income could be made, then this week would mark the first time in 2009 that workers received any income.
The research found that the average UK employee has to work 52 days to pay off income tax, 22 days to pay all VAT accrued, 16 days for national insurance payments and 12 days to meet council tax requirements. The figures used an average income of £34,661 which would pay an annual tax bill of £12,241 when all taxes were taken into account.
Zack Hocking, head of ISAs at the Co-operative Investments, said: "The saying goes that few things in life are certain but death and taxes. But it might surprise people to learn just how much time they have to work to pay off all their taxes."
However, Mr Hocking added that there are "plenty of opportunities" for taxpayers to take advantage of allowances, in order to reduce their payments to the taxman. "Just by putting some savings into a tax-efficient ISA for example, people can avoid paying capital gains tax on any returns," he explained.


