Unfortunately or fortunately depending on your point of view, I am the latter.
Nothing causes me more anxiety or puts the fear of God in me then when the Government tells me that they are here to help me!
One of the main reasons why I set up Maximum Impact Solutions Ltd over 19 years ago, was that I wanted to be independent and be in control of my own destiny.
I learnt at a very young age, whoever controls my money, controls me!
I didn't like being controlled by or dictated to as a child, and I hate it even more so as an adult.
As a freelancer you have to work and approach your business differently to someone who is employed, and have to put systems and processes in place for the downtime.
During the current lockdown, I am so glad that I had the foresight to do this, as I read the horror stories of over 3million + self-employed/small Limited companies, who have been excluded from any form of support from the government, even though they have been paying the demanded tax from HM Customs & Extortionists over the years.
5 months on since the lockdown was imposed by the government in the UK, these businesses have had no income, and have been literally begging and pleading with the government for financial assistance.
As I sit here I wonder what it would take for the government to do something for this sector of the business community, considering that these are the backbone of the economy and where the seeds of innovation comes from.
This doesn't make any sense, sure we can get rid of the unsustainable businesses, but to ignore a whole section of the business community, based on a legal entity that was dictated by the government, seems a bit short-sighted at the least.
Obviously all this money being given out in furlough and various stimulus packages, grants and government backed loans, will have to be paid back at some point with interest, so I am wondering how the government is going to justify the inevitable tax hikes in the not too distant future, especially from the sector of the society they became either deaf to or just ignored their financial plight, or are they banking on that due to the stress and anxiety of the situation they find themselves in that they will not around to worry about?
Simply an easy solution would be to give these business back a tax refund, averaged over the last 3 years personal and/or corporation tax?
As HMRC have records on everyone w.r.t. their tax liability, how hard can this be?
We all know there are two things that us mere mortals can not avoid TAXES and DEATH.
What do you think?