mw4enterprise.com

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Update:

Keeping complete and accurate records is very important for your ‘going concern’ and HMRC is very strict about this. In view of this a new leaflet has been released to help businesses owners understand their obligations for compliance. Please copy and paste this link to your browser for more information http://www.hmrc.gov.uk/factsheet/record-keeping.pdf

If you do not keep complete and accurate records of all your income, sales, gains, expenses, and business costs, you will not be able to prove the figures reported on your tax return are correct. If the Taxman challenges the entries on your tax return, and you cannot produce the evidence to back up those figures, he will assume they are incorrect. The Taxman will then think up a more reasonable figure (in his eyes), and look to tax you on that. You may then have to pay the additional tax, interest for late paid tax, and a penalty of up to 100% of the underpaid tax.

Please email us with your questions.

TIPS:

Evaluating your business idea:

How many target customers will you contact each week?

What percentgage of these will turn into sales?

How much repeat business will you get?

How much is your average sale worth?

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http://www.charity-commission.gov.uk/

http://www.hmrc.gov.uk/sa/file-online.htm

http://www.charity-commission.gov.uk/publications_and_guidance.asp

http://www.companieshouse.gov.uk/

http://www.businesslink.gov.uk/

MW4 ENTERPRISE IS PART OF MAKEWAY4

T: 08456887229

F: 08444435973

M: 07983962866

E: info@mw4enterprise.com