Self-Employed Workers Face Cash-Flow Squeeze Under Plans for More Frequent HMRC Tax Payments - London Business News

Self-employed workers face cash-flow squeeze under plans for more frequent HMRC tax payments - London Business News

Millions of self-employed workers could be forced to pay tax to HM Revenue & Customs more frequently under government plans that risk worsening cash-flow pressures for freelancers, sole traders and… The post Self-employed workers face cash-flow squeeze under plans for more frequent HMRC tax payments appeared first on London Business News

Self-employed taxi drivers face MAJOR tax cash-flow squeeze as HMRC changes Payment on Accounts system in 2029

Self-employed taxi drivers could face a sharp increase in the cash they need to set aside for tax during the 2029–30 transition year, as HM Revenue and Customs (HMRC) prepares to replace its existing Payments on Account system with more regular payments.The change does not increase the tax owed. But drivers who are required to make Payments on Account may have to meet two sets of obligations in the same year: a final balancing payment under the …