I find it bad enough with all the taxes the British government get out of me. Every little activity has some sort of excuse for a tax. And I think it doesn’t’ help the culture of the country which is now deep into a credit mind set. Borrow borrow borrow.
My main point is that this ‘tax’ everything doesn’t encourage potential entrepreneurs like myself. It’s difficult to experiment on ideas when you know there’s a chance it might fail and you’re deep out of pocket. I’ll use my self as an example on a business I recently wanted to start.
My new business project
To keep my idea safe I won’t go into detail of what the product is exactly. Put simply, I discovered potential demand for a foreign snack from far east Asia which I’m a fan of myself.
I did my research, got a good supplier but my excitement was deflated when I called up the government import department to estimate the cost of my import.
Import duty = 25%!!!!!! of Total cost
Yes I was to pay 25% of the total cost of my product and other expenses. That is, cost of the snack + cost of transport + local tax in the Asian country + cost of shipping + cost of my supplier.
It’s not like I was ordering raw materials to make a car. To break-even I would have to sell each item no less than £5.00. Who the hell wants to buy a £5.00 biscuit.
Comparison of UK to other countries
I come from the beloved Nigeria a.k.a land of hustle. There, you have people with burning spirits to make something for themselves. You hear stories of people starting something out of nothing and no one is holding you back apart from yourself.
In my opinion, the British government just suck the life out of the country and its people. If unemployment is increasing then give people a chance to become their own boss. Inspire and educate them.
Well, I’ll keep on trying. Aut viam inveniam aut faciam
