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@TheBusJourney #SMEJourney
The Business JourneyNo. 9
12 May 2015
@TheBusJourney #SMEJourney
The Business Journey
12 May 2015
@TheBusJourney #SMEJourney
The Business Journey aims to act as a free, non-executive board to owner-managed
businesses operating in the West of Scotland SME
community.
@TheBusJourney #SMEJourney
Event Programme
@TheBusJourney #SMEJourney
The Business Journey Partners
@TheBusJourney #SMEJourney
Event Programme
Business compliance and obligations
Object for today
• Awareness
• Consider and check all of your compliance requirements
• Plan for the future; don’t fall foul of regulations
Business compliance & obligations
• Not just for start-ups
• ‘Compliance’ – What does that mean?
• Conforming to a rule, policy, standard or law
• ‘Regulatory Compliance’ – Adherence to laws, guidelines, specifications
• “Red tape”
“Red Tape”
• Generally filling out paperwork, obtaining licence, permits, seeking approval or certification.
• Reporting requirements, procedures
• Inspection, investigation, enforcement
• Can have a negative impact on business – but vitally important to be adhered to
Statutory compliance
• Statutory or legal requirements can include:
• Legislation
• Anti- Money Laundering; High Value Dealer
• Companies Act; Director’s fiduciary duties
• Licence, IP rights
• By-laws
• Title deeds
• Town planning
Other considerations
• Insurances: Home insurance, PII
• Professional bodies
• Company Memo & Articles of Association
• Shareholders agreement
• Partnership agreement
• Contract for services
• Staffing and HR issues. NMW, H&S…
Other pitfalls – deadline dates
• Company filing requirements and deadlines: Co House, HMRC (easier now for ‘Micro entities’)
• A tax system riddled with statutory deadlines
• VAT returns
• PAYE returns
• Tax returns
• Payment of taxes on time
• Tax elections – one day late can deny an opportunity forever
• Plan in advance. Deal with all taxes in a timely manner
VAT
• According to .Gov research: 36% SMEs unaware of the rules
• 780,000 SMEs potentially open to fines by HMRC
• Compulsory registration threshold
• 9% of businesses intentionally stay below the threshold
• Penalties for late registration + the VAT payable
• VAT exempt, Zero-Rated or Standard Rated?
• Overseas trading causes no end of confusion
• MOSS: e-commerce B2C in the EU. Change to ‘place of supply’ rules
Books and records
• Must maintain proper books and records
• Must be retained for inspection
• Recommend keeping books for 5 years after filing deadline
• Keep a back-up copy (safe)
• Responsibility
• Accountability
• Culpability
Help!
• Stay calm and seek help
• Get advice and guidance before, not after
• Where?
• Professionals, FSB, ACAS, HMRC, peers, Business Gateway, etc.
• Advice is an investment, not a cost• Free up your time to concentrate on your business
Get ready for digital services
• Online filing
• Online payments
• Digital interface with .Gov for everything
• “Tax Returns abolished” – George Osborne
@TheBusJourney #SMEJourney
Questions for Ian?
@TheBusJourney #SMEJourney
Next eventTuesday 25 August 2015