Outside IR35 banned
I've been working out of IR35 and reinvesting money into another side startup (and paying 20% tax on it) with the hopes of taking on an employee this year. Now, this side startup has essentially had it's funding pulled from it, and all of my hard work has been for nothing. I have to close down my business and I'm out of pocket by 10,000's now. All of that hard work for absolutely nothing. If I rely on the startup to generate it's own revenue, it'll take 30-40 years to make enough money just to break even. I needed this arrangement to grow the business., now it'll stagnate.
I put off getting myself on the property ladder to get my business started. I've worked long shifts and paid massive amounts of tax and now it seems it was all for nothing.
How is this meant to help the UK economy? I was generating VAT and corporation tax through this start up and now in a *poof* it's gone. I'm sick of this Government trying to money grab. IR35 is going to decimate a transport industry which already has a driver shortage of over 40,000. The UK needs to prepare itself for no fuel at the pumps and no fuel on the shelves.
As for me, I can't afford to buy out my own company with my personal money to make it tax neutral now. I'm now going to have to stop trading at the end of the tax year, use my own money to pay HMRC and then have stock stuck in my attic until it rots. If I sell it, I will need an accountant and have to pay VAT + Corporation tax and I can't afford that.
We've all been blanket banned, no individual assessments and if I'm honest, if IR35 comes in, I can't see the point in living to just be in debt to HMRC, or work for minimum wage driving a HGV. I probably won't be alive by the end of the year.