HMRC declares insane new tax reporting requirements.
And if you don't comply or do these new returns, the fines are significant.
This is absolutely crazy what they've now announced.
This is the issue that's ongoing with the UK.
It's becoming a bureaucratic state.
There's actually a report that I was reading today that said that one,
this couple now have to file 19 tax returns per year with this new ruling.
A lot of people saying they have to do nine tax returns.
And if you don't do this, the fines are huge.
This is just getting worse and worse for the UK.
So let me start with the first one.
This is actually out of the times.
So a reputable source here.
This gentleman says I'll now have to file nine tax returns a year.
And this is not isolated to this man.
This is a lot of people.
And the reason I'm bringing this to you today is because a lot of people
just aren't aware of these new requirements of how many tax returns you need to do.
And it's not just the tax return, which is going to lose you a lot of time,
a lot of productivity, a lot of income.
But now you can't just do it on their website.
You have to pay for this new expensive software as well.
So they're really, I mean, it's absolutely atrocious what they're doing.
So let's go over a few points from these couple of articles here.
It says firstly that, and this is out of the times,
HMRC haven't even made it widely aware.
So a lot of people are going to get caught out.
A lot of people are going to get fined because they're not even aware
that they now need to do up to nine tax returns per year.
You can't make this stuff up, ladies and gents.
Honestly, it's insane.
So this is millions of people in the UK will now have to file at least.
So this is a minimum of five tax returns per year instead of just one.
And it's all part of the digital, of course we know that means
tax scheme that takes effect as of April coming up.
So you've really only got a month and probably five weeks really to get this ready.
That's what you've got about five weeks.
They haven't advertised it.
What a surprise, probably because they want to catch a lot of people out.
Therefore you don't get that leeway that you normally get with your tax returns.
So when it comes to all of this, they're saying that the bureaucracy level is now a lot worse.
The forms are a lot worse as well.
If you are VAT registered as well, that's four returns a year.
It says this person is now filing 19 returns next year because both of them are registered as well as VAT.
So they're going to have to do 19.
This is one couple.
They're plumbers, they're business partners who are plumbers.
It says they have to now do 19 tax returns per year.
This is why I keep saying we need obviously a new government.
I think everyone agrees on that anyway.
But we've got to have a new government.
And it's interesting what's happening over the last week with reform and restore.
I was just reading over some of the policies this week.
And it's quite interesting to me that as soon as restore have said mass deportations and all this other stuff.
Now all of a sudden reform are going to come out.
I think it's going to be today when this comes out.
And they're going to say exactly the same policy.
So, you know, however it happens, I think it's going to be the same net result as this is going through.
But yeah, we do need a new UK government that I mean they and I'll tell you the irony of this.
I want to show you this and I had to confirm this as well.
So I've got this confirmed.
Okay.
You won't even believe it.
Okay.
So I confirmed it with GROC because I don't use chat GPT anymore because it is absolutely the stuff chat GPT says is insane.
So this is it.
HMRC's accounts have not.
Okay.
They've not balanced in 20 years due to material levels of fraud and error, particularly in areas like tax credits and benefit expenditure.
Okay.
So the fraud is 4.6 billion pounds.
This is the 14th consecutive year that the books have not balanced.
So this is HMRC.
They're telling you you have to do all these tax returns and yet they haven't balanced their own accounts in 14 years.
What about DWP, the Department for Work and Pensions?
This has been 37 years that they haven't been able to do their accounts.
They have 9.31 billion out.
They can't account for this 9.3 billion.
The Cabinet Office as well, 7 billion.
This is the second year that they can't account for all of this money.
And yet they're telling you that you have to do it accurately or you get fines.
I mean, ladies and gentlemen, you cannot make this up.
We need a new government.
We need all this bureaucracy to be gone.
We need a fresh start, cut all the red tape, cut all the regulations, cut the taxes.
This is what we need.
Otherwise, you're going to see more and more people fleeing the country and it's only going to get worse.
And as I've said so many times, the government is clueless.
Do you remember that time?
Was it Keir Starmer or was it his right hand lady, Angela Rainer at the time?
One of them said about, well, it doesn't matter that all these British people are leaving
because we've got loads more coming in.
There's loads of migration coming in.
That tells you how clueless they are because they don't understand GDP per capita.
Someone coming in from some country with no qualifications and has no way to contribute to a country
is not the same as someone that, say, a doctor or a nurse or someone like that
who's fleeing to Australia because they can earn a lot more money.
But they never tell you these things.
They just say all of this nonsense because they think the average person is stupid
when I know that you are not.
You are actually very intelligent and awake people.
And by the way, if you're not subscribed to the channel here, please subscribe.
It's free!
Yeah, subscribe.
It doesn't cost you a penny and you can join like-minded people
and listen to this sort of stuff I live stream regularly
and this is what I talk about, common sense stuff.
So definitely subscribe.
Now I wanted to go back to a couple of things with the article then.
And this is what I found baffling about it.
The big businesses though in the UK don't have to do any of this.
They only have to file one single tax return.
That's it.
One tax return for the big companies, but nine to nineteen for the little guys.
It's a disgrace.
It really is.
It talks about oil giant shell, HSBC, AstraZeneca.
One tax return per year.
That's all they need to do and how much of that tax is actually paid is the other question.
But this is even worse.
They're going to be reducing the threshold for you.
Next April it's going to be dropped to 30,000.
And then from the year after it's 20,000.
So if you sell your car or something for 20,000, you know,
because by that time we'll probably be seeing a lot more inflation.
Or is it going to be deflation?
That is the question, isn't it?
With the AI and things like that.
And we'll come on to jobs in a moment actually.
I want to talk about graduate jobs and the shock that's happening there.
But it's saying in this report, the people who are going to be most affected
are builders, plumbers, electricians, drivers, self-employed people.
It could take them up to 30 hours per year to file these returns themselves.
They're going to have to do a lot of it themselves.
If they don't, they're going to face massive fines.
It says also VAT, they have to do their VAT returns.
There's going to be a massive shake-up.
Now you know what I thought was interesting?
And we talked about this before.
Income tax was only supposed to be a temporary measure
to pay for the Napoleonic Wars.
That was it.
It was a temporary measure.
And well, it then became permanent.
When was that?
It was back in the 80s.
It became permanent.
So what, 40 years later, it's still with us.
I mean, it was never supposed to be like this, any of this stuff.
So the government has actually announced that the making tax digital
is going to reduce the 47 billion black hole, which we know is a lie
because it's come out that it's a lie.
So they said it's going to help reduce the 47 billion pound tax gap,
the black hole, and it's going to hold small businesses to account.
Well, they love this word, don't they?
They're going to hold you to account.
But who's going to hold them to account when they can't even balance their own books?
It's said as well that most people are going to need to now seek professional help
because they won't be able to do it themselves
because of the advanced software and the new reporting.
So this is going to add a lot more costs as well.
And by the way, if you are struggling with anything like that,
just to remind that I have a lot of finance courses that you can find.
I'll leave a link below.
We're doing sales on the finance courses as well,
trying to help as many people as possible.
So we've got the investing courses.
You just click this button.
It will show you the stock market investing,
gold and silver, and there's advanced programs as well.
Or if you're in the camp where you need more income, there is cash flow courses.
So that shows you rapid cash flow builder, how to actually build up cash flow,
the psychology of wealth accumulation done with top psychologists from around the world.
Or there's even credit and debt programs as well to help you there.
All come with a 30-day money-back guarantee.
So check that out.
It's actually over 8,500 students now then.
So you can look at some of the testimonials.
Okay, so the next one then, this is a similar one talking about the...
In fact, let's move on.
I want to actually move on because some of the articles are quite similar here.
But I want to move on to another one.
And that was around...
Okay, this is going to affect 3 million people
because it wants to bring in, and I quote,
lower income individuals into the system to make the system more equitable.
Why do they keep using this word?
And how is it more equitable to bring people in
who don't earn a lot of money and they're self-employed to bring them into the system?
That's not equitable.
It's like saying, oh, it's more fair.
It's not good for those people at all.
I think it's really disgusting.
I really do.
I think it's a shame.
A lot of these people as well are not going to be able to do these tax returns.
Not everyone is really advanced on this sort of stuff with accounting and things like that.
You've got to have the experience in it.
And especially if they're saying it's going to be more complicated now.
And they say you've got to use this commercial software.
You can't use off-the-shelf software.
And it's saying as well there's going to be changes.
So it's going to be calculated based on the turnover, not profits,
for those people who it was calculated on profits before.
I've got to show you this because you won't believe if I don't show you it.
Who is exempt then?
Well, people who don't have a national insurance number.
Why if you are a British citizen, would you not have a national insurance number?
That's a big question.
I think we should leave a comment on.
Please drop a comment below.
And then limited companies.
So limited companies as well as people who don't have...
It's amazing, isn't it?
The way they're going on now.
Does it have to be accurate?
Yes, it does.
You've got to be accurate.
Otherwise, where is it?
It talks about fines.
What happens if you don't do it?
Well, you're going to get a £200 fine when you reach four penalty points.
Yes, indeed, four penalty points.
So what are people saying?
Well, a lot of those who are self-employed are retiree age or they're older.
And they did this big survey and they said, what are you going to do?
And a lot of them said they'd rather retire and quit than fill in nine tax returns a year.
That's what they've said.
They don't want to do it.
Moving on.
It makes me angry.
It really does.
This is out of the times.
Graduate jobs fall by a quarter.
So 25% in the worst job market for 13 years.
And without even going through the article here,
I can tell you what they're going to be talking about and what's going to happen here.
Because as soon as you have just think, who is now competing?
Let's say you graduated two or three years ago.
So you graduated 2023, 2024.
If you haven't got a job right now,
you're now competing with the people who are graduating 2026 or the ones in 2025.
If you're an employer, who are you going to take?
Someone who's fresh out of university or someone that graduated a year or two ago
and has been working in a coffee shop and hasn't been getting that experience.
It's just not fair on those graduates.
And I blame partly the government, partly some of the universities, big money making scheme here.
Because they're not helping people to know what's going to happen with AI.
We know we've talked about it over and over on the channel.
I created the rapid cash flow program for you.
And then I've got the new program coming out.
I think it's going to be on the 8th of March.
And I'm just letting you know now because so many people keep asking
when is the new program coming out, which is going to incorporate AI.
So it's going to teach you all the digital business with AI.
And it's going to future-proof you for at least five to seven years, if not 10 years.
I'm trying to do it with the aim of it, future-proofing you for 10 years.
But let's just say minimum five to seven years.
And I think much further than that, it's going to be hard to see into the future.
So that will be coming out very shortly, all about digital income mastery.
So that will be coming out soon.
But yeah, it is a shame.
I think it's tragic for all of the graduates.
What's happened then?
It's just unreasonable.
It's not fair because they're not being equipped.
And even now, I was looking and I speak to people all the time, of course.
And I see that some of these university courses are not even changing.
They're not saying, OK, we're going to incorporate all of this AI.
And actually, sorry, by the time your course is finished in a couple of years,
your job is not even going to be there because AI will be doing it.
It's really sad.
But let me know what you think about what I just said here.
A couple of other things then.
We've got some charts, if you want to see the charts on it as well.
More applicants, fewer spots.
So you can see the applicants level here is just exploding, almost 63,000.
But look at the recommendations for appointment.
It's dropping, dropping in a big way.
72,000 applications, only 754 were recommended for appointment.
This, ladies and gents, is very worrying indeed.
The High Flyers report, this was the graduate market in 26,
said the top 100 employers together recruited 7,000 fewer graduates
than they did in each of the three years previously.
And they forecast that this is going to fall by another half a percent this year.
This is fierce competition.
And of course, it's causing wages to stagnate as well.
Because if you've got a lot of competition for the same jobs,
you're also competing with the older generation as well.
These are people that maybe haven't got enough money for retirement at the moment.
So they're competing with the graduates as well.
And you're going to see less and less jobs for a period.
It will flip, of course, once AI robotics and other things get underway
and more people get trained in these things.
But as of right now, you are going to see less and less.
You're going to see layoffs.
You're going to see a lot of layoffs at the same time.
So there's a lot going on here really is quite concerning.
And then we've seen a lot of these reports as well over and over again.
Major UK lender plunges into administration.
They've been in business since 2006.
Billions that they lend.
This is also just collapsed.
We've got all these announcements on the energy price as well today.
So the Guardian food producers are sounding the alarm on rising energy prices.
Look at this 40% of businesses to cut back investments.
This is a new report just come out.
And they say, you know, they keep saying all this stuff like ministers are shocked.
The government shocked.
Why are they shocked?
Are they are they fools?
Can they not see that if you ramp up all this stuff?
And do you know what they said the solution is?
We've got it here in black and white somewhere.
They said the solution is a faster integration of net zero.
Oh my goodness.
I mean knock knock.
Hello.
Somebody help these people out.
A fast net zero and the sanctions on energy is what's caused the UK to have the most expensive energy in the world.
So they think a good idea is to ramp up net zero.
Cut down on all the gas and oil.
Cut down on all the cheap energy and ramp up all the expensive net zero.
I mean you can't make up this stuff ladies and gents.
They really have no idea what they're doing.
Truly.
And the deficit is huge.
250 billion pounds.
Now, again, they say that net zero is the solution.
They are clueless.
Haven't got a clue what they're talking about.
And yeah, it's worrying.
It really is.
So thank you for being a subscriber here.
Ladies and gentlemen, really appreciate you.
Apart from that, thanks a lot.
Take care.
God bless and I'll see you on the next video.