Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

[SXGuy]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Julian. ACCA qualifications have little to do with how the tax system works. If your tax is more than £1000 then you pay a half estimate on account in January and July. I.e you pay £2000 a year. And before you say ah but it's on account. Yes however so is the following year and so on. That's how you pay double being self employed.

[julian]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Oh I forgot. Those nice people I worked so hard for started employing cheap labour from India and Russia, and guess what, I and many others were made redundant. At passed pension age, I am no longer a wage slave. When slaves get old they just throw them out into the cold.

There are so things you can do as self employed and others you cannot, but with outsourcing and zero hours contracts, it all depends on how little you can live on. There is no job security anywhere.

[julian]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Not naive Not lambasting Self Employed. But if you can't take heat get out of the kitchen, but stop moaning. There is always an option.

Working on some jobs it was12+ hours a day 7 days a week. The company paid fixed salary which was to get job done. No overtime and loyalty is never rewarded. Holidays paid but money over the year. Oh and you forgot sick pay.

I don't understand the view that you pay 2x tax if you are self employed. Paying twice a year maybe. Maybe my ACCA qualifications need reviewing

Having worked on Super Tax in 70s I am aware that some people paid loads, and also that some people got into problems by paying tax years after incurring it. I am also aware that there is a ramp up and people may use up resources. Also did work for HMRC and DHSS so aware of investigations with positive and negative effects. Investigations are deterrents.

[Pixie]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

and like i say the past two weeks have been very good so im hoping this is a turning point for us

I hope so S2M xx

[Spent2much]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

This is why my husband is reluctant to just give up the business, he took it over from a long time friend/father figure and when we took it over in 2005 it was making big money and we had 3 different markets on the go with staff and times were good, then the recession hit and slowly we had to close all but the one we run now with just hubby working it .
Last week and this week so far has seen a huge rise in sales but we just don't know what next week will be like, but fingers crossed this is a turning point for us , it isn't easy giving up your business when you have put so much into it.

When the kids were little and hubby worked for his friend who he took over from we were having 3 holidays a year in various countries and have been to Florida about five times with the kids , they had everything they wanted we spoiled them and paid for their driving lessons and even bought them a first car , times were very good . By 2007 it went down hill , but we survived we got through it , and if it wasn't for this forum and the help from niddy and co we wouldn't be still in this house for sure, and planB helped us through a rough patch with the mortgage so we have a lot to be grateful for , we're still here , still in this house and the mortgage gets paid on time every month by some miracle , and like i say the past two weeks have been very good so im hoping this is a turning point for us

[Enforcer]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Thankfully I was insured for the VAT inspection we went through last year, still believe that this was because of son's ex. They went through everything and found one small mistake of under £200 when VAT rates changed quarter 06/11. Would have cost vat inspectors more than they recovered, just the time & stress that gets you!

[Deepie]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

A few years ago our business came under the scrutiny of the inland revenue with an investigation

Same here the only person to make any money out of mine was my accountant .....

As a long term PAYE sufferer, because self-employment was never an option, it has pained me to have to pay for my tax and NI at source,.

As a long term self employed person (30 years) tax and NI payer ......with having no holidays some years ....working 10 hours a day and 6 sometimes 7 days a week

I've been SE for best part of 40 yrs. It's given me a lifestyle I could only dream about as a youngster, at other times it put me in absolute despair and massive debt just to keep the business afloat through not one but two recessions in recent years.

Would I change anything ? maybe I would make a few different decisions along the way, but work for anyone else ?....Not a chance in hell, I wouldn't last a day....

Would I change anything ??? NOOOOOOO My 30 years of hard work are now paying off .....

January, over £5000 paid out than came in, nearly £13,000 owed to us, waiting for it come in. Yes, overall we manage to make a reasonable living but there have been times when I have had to get paid employment to see us through. Finishing at 5pm, grab something to eat, then doing data input and overnight backup at local factory 6pm till 10pm. Back to own work at 8am. However by working hard, self employment is best. Was once told when I went for a paid job, that because I had worked for myself for so long, I was unemployable! Didn't get the job and yet at that time I was desperate for work. Believe in your vision and have a go, or be a Julian a wage slave. Your choice really.

Hard work is the key .......If you want it you'll go out and get it

[Enforcer]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

January, over £5000 paid out than came in, nearly £13,000 owed to us, waiting for it come in. Yes, overall we manage to make a reasonable living but there have been times when I have had to get paid employment to see us through. Finishing at 5pm, grab something to eat, then doing data input and overnight backup at local factory 6pm till 10pm. Back to own work at 8am. However by working hard, self employment is best. Was once told when I went for a paid job, that because I had worked for myself for so long, I was unemployable! Didn't get the job and yet at that time I was desperate for work. Believe in your vision and have a go, or be a Julian a wage slave. Your choice really.

[nanna58]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

My OH was always a SE builders ,yes some good times and when they were good they were good , but the bad times were indescribable .Plus building is a 6 mth job can't lay bricks on the winter, then recessions then no building work.But he wouldn't have worked for an one else.xxxxxx

[Never-In-Doubt]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

The laws of economics should prohibit self-employment if the returns are negative, unless the enterprise is not based on monetary income.

Nooo - most of the successful businessmen failed before becoming household names..... Richard Branson, Alan Sugar & Fat Twat in USA all went broke before making their mi££ions.....

See what I did there

[alland]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

I've been SE for best part of 40 yrs. It's given me a lifestyle I could only dream about as a youngster, at other times it put me in absolute despair and massive debt just to keep the business afloat through not one but two recessions in recent years.

Would I change anything ? maybe I would make a few different decisions along the way, but work for anyone else ?....Not a chance in hell, I wouldn't last a day....

[Spent2much]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Julian, if you subscribe to such a skewed view then what is stopping you to become SE?
C'mon, take a plunge and enjoy your new splendid lifestyle. Seriously, it only takes one phone call to HMRC or click the link to register.
If not, then enjoy your security of getting paid 12 times for 11 months work even if there is no customers / no sales / no ongoing contracts / nothing to do, having 8 paid Bank Holidays, pensions, sickies and being able to get sofa on credit by producing 1-3 recent payslips instead of 3 years audited accounts.

Good Luck, Mate

I am SE and I charge my customers set amount per hour (time spent in car/bus/whatever is on me) - nobody will pay me more for my services as there is a lot of competition. To make more, I can only increase my hours but it is simpler said than done cos you need those customers in the first instance willing to hire you. Really, grass in not such green for SE folks.

My husband gets people saying to him. You're loaded being self employed , we wish

[jadex]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Julian, if you subscribe to such a skewed view then what is stopping you to become SE?
C'mon, take a plunge and enjoy your new splendid lifestyle. Seriously, it only takes one phone call to HMRC or click the link to register.
If not, then enjoy your security of getting paid 12 times for 11 months work even if there is no customers / no sales / no ongoing contracts / nothing to do, having 8 paid Bank Holidays, pensions, sickies and being able to get sofa on credit by producing 1-3 recent payslips instead of 3 years audited accounts.

Good Luck, Mate

I am SE and I charge my customers set amount per hour (time spent in car/bus/whatever is on me) - nobody will pay me more for my services as there is a lot of competition. To make more, I can only increase my hours but it is simpler said than done cos you need those customers in the first instance willing to hire you. Really, grass in not such green for SE folks.

[Never-In-Doubt]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

I currently have over 12 bank accounts. I don't earn an income. My Mrs pays money into my account each month which pays bills.

Good luck hmrc in tracking my activity. Christ, I struggle myself so feel free to do an investigation - it'd help me out actually

[Never-In-Doubt]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

This doesn't fall under Common Reporting Standards (CRS) - yea banks etc do but club card / nectar? I'm not convinced myself....

Pointless having DPA if private orgs can just capitulate to pressure from HMRC.