Budget 2023: UK’s self-employed seek stability, skills and sustainability

Stability, skills and sustainability are the top desires for the UK’s self-employed ahead of the Budget, new insight from GoSimpleTax reveals today.

No changes to tax, clarity on Making Tax Digital and the introduction of green tax incentives are the top asks ahead of the Spring Budget on 15 March.

Almost a third (31%) said that the single most important policy the Government could introduce would be a pledge not to make any more changes to the tax system until the next general election.

Mike Parkes, tax expert at GoSimpleTax, said: “The country’s self-employed are making a clear case that they do not have the time, resource or energy to handle any more changes to UK tax policy. Stability in the tax system is vital for the country’s small businesses so that they are able to plan their finances accurately and keep the economy flowing.”

A quarter (24%) of respondents supported the Association of Taxation Technicians (ATT) call for extensions on tax relief for training and reskilling, which would allow self-employed people to benefit from tax relief if they retrain in a new trade.

Meanwhile, a further 24% sought the introduction of incentives for individuals and businesses to work towards net zero carbon emissions.

“There are around 4.3m self-employed workers in the UK, contributing an estimated £278bn to the economy each year,” said Mike. “This January saw a record number of tax returns filed to HMRC, once again demonstrating the strength of this sector. With a looming general election and trying economic backdrop, the Prime Minister and Chancellor ignore this group at their peril.”

Other requests from the self-employed in the UK included raising the annual pension contribution limit and raising the tax-free personal allowance.