Published On: Sat, Oct 10th, 2015

FSB: Asking for help when you need it

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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 or call 0808 1688 512 to chat with one of our team quoting EXP1.


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