London, UK (PRWeb UK) April 8, 2010
With Election 2010 less than one month away and a country limping out of recession, government spending is at the top of most political manifestos. But how exactly is the British publics hard earned tax spent?
Wheredidmytaxgo.co.uk aims to answer just that. Launched by online tax specialists Taxpenny in March, the free service allows users to see where the tax they have paid as an individual over the last seven years has been spent. The system works by taking its figures from Public Expenditure Statistical Analyses (PESA) data released by HM Treasury, using the percentage of central government spending per sector and applying it to the amount of Income Tax and National Insurance (NI) paid each year for each unique user.
For example a 30 year old male who earned an average of £30,000 per year since 2003. During this period this individual will have paid the equivalent of almost two whole years of Income Tax and NI towards the governments pension commitments. The same individual will pay almost 25% of his total annual tax and NI on healthcare spending. The figures certainly make for interesting reading.
Ray from Taxpenny said "The aim of WhereDidMyTaxGo.co.uk is to increase public awareness about where tax is spent by creating a personalised illustration for each user".
They hope the site will build on the growing success of sister site UKTaxCalculators.co.uk, another free service providing free online tax calculators, launched by the firm earlier this year.
Notes to Editors
UKTaxCalculators can be found at http://www.uktaxcalculators.co.uk.
WhereDidMyTaxGo can be found at http://www.wheredidmytaxgo.co.uk.
Taxpenny are Online Tax Consultants specialising in tax returns and refunds. Their clients include Self-employed Business Owners, Contractors and Medical Professionals. More information on the services they provide can be obtained at http://www.taxpenny.co.uk.
WhereDidMyTaxGo is listed on the Governments http://www.data.gov.uk website under list of apps making use of government data.
For more information contact info(at)wheredidmytaxgo(dot)co(dot)uk