This is the day that people stop working for the Government and finally start earning for themselves. What a thought.

It means that the average taxpayer will have spent almost half of the year - 150 days to be precise - earning enough income to cover their tax burden for the rest of the calendar year.

For the last number of years, tax freedom day has been getting later and later in the year, meaning we are working longer before we reach that magic moment of being free of tax.

This is due to the increasing burden placed on us by the various taxes payable in the UK. The revenue from income tax, inheritance tax, capital gains tax and stamp duty has been steadily increasing each year.

The Government has achieved this increase in the total tax take by increasing allowances and bands in line with the Retail Price Index, while salaries have increased well in excess of inflation, meaning more people than ever are in the 40% top band.

So it doesn't take a Revenue inspector to work out that next year's tax freedom day is likely to be even later.

Despite the certainty of tax, there is no reason why individuals shouldn't attempt to extend their own tax freedom day. Tax shelters are becoming increasingly difficult to find as the Government cracks down on schemes used by the extremely wealthy to avoid paying their fair share of tax, so it is extremely important to take advantage of those that remain as many will be lost in the current tax year if they are not utilised.

It is estimated that almost £400m a year is lost by individuals failing to make use of their ISA allowance.

This vehicle allows limited savings to be kept in a tax-efficient vehicle - cash or stock market investments.

Every adult can use these but many leave it to just before the end of the tax year. But by planning early, further tax can be sheltered from the growth of your current investments.

Tax due on investments can be further offset by using allowances gained on capital gains tax. Individuals can gain £8,800 on investments such as shares, unit trusts, property and so on without the need to pay any tax.

Allowances can be combined between couples thus enabling a significant gain to be made without paying tax. Professional advice should always be sought if you have made a significant gain in order to seek ways of minimising the tax due.

Contributing to a pension scheme is another way of reducing your tax bill. Any contributions made to a scheme will benefit from an additional 22% uplift from the Government.

So if an individual contributes £78, the Government will add a further £22. Those who pay higher rate tax are eligible for a further £18 rebate that can be claimed back via their tax return.

Make sure that you do all you can to bring your own personal tax freedom day to the earliest point of the year as possible.

It is, after all, important that you make your hard-earned cash work for you.

Raymond Mulligan is managing director of Johnston Campbell, a company of independent financial advisers regulated by the Financial Services Authority.