Tap On Tap Off True Bypass

I started experimenting with some 9volt relays recently and this was the obvious first circuit. A means of turning on and off/bypassing effects via a momentary 'soft switch'. There's a few other methods of accomplishing the same feat though using slightly more complicated circuitry and/or parts. The 555 timer is cheap and readily available due to its vast uses. Any relay should suffice, I've tried 3 separate brands and all have function accordingly.