Fighting back against the HMRC bully!
A couple of weeks ago I wrote about the way that HMRC was becoming, even more, heavy handed with its rules, regulations and unfair demands. I had lots of comments and feedback on the article so, now that I’ve climbed down from my rant, I thought I’d give you this seasoned follow up.
Describing the tax department as a playground bully, I mentioned various ways in which they were bending, changing or twisting things in their favour. Pressures such as, the Accelerated Payment Notices, more IR35 enquiries, the 7.5% tax on
dividends, an additional 3% stamp duty and restricting the rate relief on ‘buy to let’ properties, reclaiming child benefits, abatement of the personal allowance, abolishing the ‘wear and tear’ allowance on furnished rental property, and the whole ‘auto-enrolment’ fiasco.
You can read the full article here: Beware the HMRC bully
But I am not going to rant today!
If you read the article, then you will also have noticed that I laid out how I normally deal with these things for my clients. The only way (OK, you could protest and lobby politicians I suppose – good luck with that) I know of dealing with unfair rules is to understand them and play the best game you can within them. Although the situation is far from ‘right’, it is the way it is and we have no choice but to get on with it and do what we can to win regardless.
So if you are a contractor, a freelancer, a small business owner or anyone else that is affected by these things, this is my advice. Go and do whatever you do… even better that you were doing it before!
Unless you are an accountant or work in the finance world, this is not your fight. You are simply a victim of the battle. So, get a good accountant or tax advisor and let them find the best solution for you. Your best move is to concentrate your fight and being great in your area of expertise. Unfair financial regulations will only be a distraction if you focus on or fear them.
Stay true to you!
You are your most valuable asset. You have the potential to do a better job (notice I didn’t say work harder) and become more valuable to your employer, your business or the company who contracts you – by working smarter. By setting 100% of your attention on the things in your life that you can affect, rather than worrying about the things that are beyond your control, you will see better results.
Ask yourself what is the one thing you can do today or this week that will make you, as an asset to your business, more valuable. After that, it is simple maths! Until the day arrives that HMRC is taking 100% from us, you will always be better off by being the best that you can be, regardless of their influence.
We’ll be true to you too…
I think it is right to rant from time to time and highlight the unfairness of the system. But it is also right to reassure you that we will keep fighting for you, so you can still get the best out of what you do best.