The business journey partner presentations_business compliance
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The Auto Enrolment Journey • Why? The income gap when people want to stop work • How? The choices you have and the costs involved • by When? Start with the end in mind Colin is Director of Corporate Business at Henderson Stone &Co Ltd.
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The business journey partner presentations_business compliance
- 3. @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.
- 8. Object for today • Awareness • Consider and check all of your compliance requirements • Plan for the future; don’t fall foul of regulations
- 9. 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”
- 10. “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
- 11. 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
- 12. 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…
- 13. 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
- 14. 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
- 15. 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)
- 16. • Responsibility • Accountability • Culpability
- 17. 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
- 18. Get ready for digital services • Online filing • Online payments • Digital interface with .Gov for everything • “Tax Returns abolished” – George Osborne
- 20. @TheBusJourney #SMEJourney Next event Tuesday 25August 2015