For the growth, motivation, & confidence of small businesses
The current tax situation for the self-employed & small businesses, whereby they are required to pay half the coming year's tax in advance 'on account', is completely unnaccepatable & counter productive to business growth.
Imagine if employees were told they had to pay half of the next year's tax in advance in addition to their existing tax burden? There would be rioting in the streets!
It's impossible in a recession to predict the coming year's earnings & totally unrealistic for HMRC to 'assume' you will earn the same amount in the coming year.
This is daylight robbery & must be stopped. You are allowed to put in a 'lower estimate' (with yet more additional form filling) but if this estimate is wrong you are then penalised with interest!
How can this be conducive to small business confidence & growth? Businesses are living in a state of perpetual financial anxiety & this has been the last straw.
Come on Coalition….scrap this totally unfair burden & prove you have small business' interests at heart, unlike the last Labour government.