FSB: Asking for help when you need it

askforhelpDave Stallon, owner of The Plastics and Engineering Company, has been a member of the FSB for more than 20 years, here he talks about the importance of seeking advice.

I set up my business 22 years ago but alongside the pride of being a business owner came the daunting task or running it. I knew my industry inside out, but I fell short on fundamentals like insurance, HR and debit recovery so I became an FSB member.

I once failed to file a tax return on time and needless to say I was stung with a fine. However I flagged this to the FSB and its tax team helped rectify the situation.

Tax implications vary for SMEs, that’s why you need to have a tax specialist on hand. Below are a few tips I’ve picked up along the way:

  • Make sure you are VAT registered in time

Keeping accounts up-to-date on a monthly basis enables you to look back across the past 12 months and ensure you haven’t hit the VAT registration threshold of £81,000.

  • Make sure you meet revenue deadlines

It’s not just the VAT threshold you need to keep track of, but all the various deadlines for NICs, PAYE and Self-Assessment deadlines.

  • Keep thorough business records

HMRC investigations can take place at any time even after a business has ceased trading so make sure you save all business documents and receipts for at least six years.

  • Have the right paperwork for employees

Whether it’s a part-time worker, casual worker or full-time employee you need to make sure the HMRC is aware of their status and that a record is kept (for six years).

The FSB comes into its own when it comes to tax advice and making tax less taxing.

For more information visit www.fsb.org.uk/join or call 0808 1688 512 to chat with one of our team quoting EXP1.

 

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