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What happens when you are late registering for VAT, you have no accounts, not enough money, your accountant is not interested and you are worn out from running your business around the clock?
Today I am going to share with you a story about a couple in crises, financial crisis that is. If you have ever been in the situation where you have been ticking along in your business for a while and trading for some time. You know you need to get your VAT Registration, your payroll taxes, in fact your accounts in general sorted. In fact anything that will bring you into contact with The Revenue.
For whatever reason you just haven’t managed to get around to doing it yet and you are worried that the situation will come back to bite you on the “you know what”.
This is what happened to the man and woman I going to tell you about today. Their story illustrates what could happen if you don’t get on top of this.
I will tell you the situation and then I will give you my take on what they can do to put things right.
You will also hear
- How your tax return for self-employment can trigger other tax departments and land you and your business in hot water for non-compliance
- Why you should choose to be a limited company if you will struggle to keep on top of your accounts.
- The importance of insisting on meeting with your accountant more than once a year
- Minimum requirements for hiring an accountant
- Why buying accounting software is not a problem solver for poor accounts and money management
- Where to go to for more help and advice
Disclaimer
This show, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your specific situation. Also be aware that the information contained may not be suitable for every person or organisation.
[spp-tweet tweet=” Accounting software is not a destination it is merely a form of transport “]
Shine the Light
This is part of the show where I shine the light on great people and resources that you may find inspirational or helpful.
Today I want to highlight the fact that rather than a source to avoid, the Tax Office can be a source of valuable info and calling them up for general advice is not as daunting as it appears.
They are a much friendlier organisation than they once were, even if I believe they are less organised.
The links to some useful contacts points are below.
Show Links & Resources
Dealing with Tax Arrears pdf Giveaway
VAT General Enquiries – Call 0300 200 3700
VAT General Enquiry Online Form
Download your 5 Tools to Freedom
How to Rate & Review a Podcast in iTunes
http://serialpodcast.org/how-to-listen (This is brilliantly done)
