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

[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

[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

[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.

[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.

[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.