Comments on: HMRC’s New Rule for Freelancer Platforms and Side Hustles: What You Need to Know https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/?utm_source=rss&utm_medium=rss&utm_campaign=hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know Empowering the Freelance Economy Mon, 27 Nov 2023 08:42:54 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Anthony https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/#comment-4034 Thu, 19 Oct 2023 10:14:22 +0000 https://www.freelanceinformer.com/?p=15471#comment-4034 What an absolute joke, HMRC should take a good look at itself and the poor way it deals with the super rich. they have lawyers and accountants who run rings around them. They are happy going after low hanging fruits.

These companies will be given tax breaks in exchange for telling on those who make their platforms successful.

I believe it is lazy to go after people in this way when by contrast millionaires and billionaires can choose how much tax they pay.
at the opposite end we have people in this country doing: YouTube, Cryptocurrency and taking benefits at the same time.

Cut down the benefits for people with unproven health conditions or no health issues below the age of 30, these are the best time to be alive for this group yet many and disillusioned by the world of work, with such poor wages drive down by greedy people.
I say increase wages, to encourage work. The rich can have less shares and dividends so that everyone else can have a little bit more to live on. We are a nation with massive inequalities and that’s is sickening.

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By: Darren B https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/#comment-4033 Thu, 19 Oct 2023 09:41:39 +0000 https://www.freelanceinformer.com/?p=15471#comment-4033 I find it ridiculous to tax people trying to get extra cash during these trying times. The cost of living is getting ridiculous.

£1.2 Billion is nothing compared to the real amount that the HMRC could gain from big companies. In a hypothetical situation, let’s say the total reported profits of these companies subject to taxation in the UK is £100 billion. If these companies are currently paying taxes at an effective rate of 20% due to various tax planning strategies, the tax paid is £20 billion. If they were to pay at the full rate of 22% due to improved compliance, they would pay £22 billion.

If big companies pay their taxes correctly and in full, the country can potentially benefit in several ways:

Increased Tax Revenue: The most direct benefit is a boost in tax revenue for the government. This revenue can be utilized to fund public services and infrastructure, such as healthcare, education, transportation, and public safety.

Budget Allocation and Public Services: The additional tax revenue allows the government to allocate funds to essential public services and programs that benefit the population, enhancing the overall quality of life for citizens.

Reduced Budget Deficit: Increased tax revenue can contribute to reducing budget deficits, helping the government maintain fiscal discipline and sustainability in its financial operations.

Investment in Development Initiatives: Governments can use the additional funds for development initiatives that stimulate economic growth, create jobs, and improve the country’s competitiveness on the global stage.

Poverty Reduction and Social Welfare: Improved tax collection and revenue enable targeted programs to combat poverty and improve social welfare, supporting vulnerable populations and reducing income inequality.

Better Infrastructure and Connectivity: Investments in infrastructure projects, such as roads, bridges, ports, and utilities, can be funded, leading to improved connectivity and enhanced business environments.

Healthcare and Education Enhancements: The additional funds can be directed towards improving healthcare and education systems, ensuring better access, higher quality, and expanded coverage for citizens.

Environmental Sustainability Initiatives: Funding environmental protection and sustainable development projects, such as renewable energy programs or conservation efforts, can contribute to a healthier and more sustainable future.

Public Safety and Security: Adequate funding for law enforcement and security measures helps maintain law and order, ensuring a safe environment for citizens and businesses.

Investor Confidence and Economic Stability: Demonstrating effective tax collection and compliance mechanisms fosters investor confidence, attracting more investment into the country and contributing to economic stability and growth.

Social Services and Support Programs: Provision of social services like elderly care, disability support, mental health services, and other community programs can be significantly enhanced with increased tax revenues.

The implementation of such regressive tax policies upon the hardworking citizens of our nation is utterly preposterous and morally indefensible.

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By: Aidan Bree https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/#comment-4032 Thu, 19 Oct 2023 09:29:50 +0000 https://www.freelanceinformer.com/?p=15471#comment-4032 Let’s ignore all the multi-billion pound companies paying little or no tax and concentrate efforts on hard-working people trying to make a few quid extra

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By: K https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/#comment-4024 Wed, 18 Oct 2023 19:11:15 +0000 https://www.freelanceinformer.com/?p=15471#comment-4024 Some of the major corporates like Amazon, Apple, eBay, Facebook, Google, Microsoft and Starbucks avoid tax through complex organisational structures. They have networks of banks, lawyers and accountants to create convoluted and secret financial structures, which reduce transparency and enable tax avoidance.

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By: Jean https://www.freelanceinformer.com/news/hmrcs-new-rule-for-freelancer-platforms-and-side-hustles-what-you-need-to-know/#comment-4022 Wed, 18 Oct 2023 12:52:05 +0000 https://www.freelanceinformer.com/?p=15471#comment-4022 Wonderful, IF you can actually register as self employed. Freelancers without a UK postal code or without a UK address cannot register as the identity verification on gov.uk fails 100% without a UK verified address. Freelancers without an address in the UK but who still make income from UK citizens, will have to register as self employed by post and then, after all of that, will still not be able to fill in the form online or manage any of their tax affairs in the UK. For freelancers who travel a lot this is going to be a nightmare. Service agents at HMRC merely directs users to phone the helpline, which is not exactly helpful for foreign citizens.

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