Could Your
Business Be Breaking The Law?
By Business Desk
Monday. January 15, 2018.
Business is complex, and when you’re looking to
launch your new venture you will already be juggling a million and one tasks
and decisions. Where is the best place for premises, where to advertise for
staff, outsourcing or inhouse and so much more. However as time consuming and
draining as these things are, it’s crucial that you don’t overlook elements of
your business that could be breaking the law. Here are three to be careful of.
Be Careful With
Tax
Keeping perfect
accounts is essential when you run a business. If things aren’t properly
recorded, when it comes to tax return time you might not pay enough and if it’s
looked into could land you in some serious trouble. At best you will be fined
and given a penalty, at worst you could land yourself with a prison sentence if
the government believes you were purposely avoiding paying tax. One thing
that’s worth doing is investing in accounting software, this helps you
efficiently and accurately track everything and means there’s less chance of
human error being made. When you come to do your tax return, you will still
need to speak to an accountant who offers financial and business support
services to wrap everything
up for you. But having everything accurately recorded through software will
make their life easier, it will also mean you have to pay them for less hours
and therefore will work out cheaper for you.
Apply For The
Correct Licenses
There are a surprising
amount of licenses needed when you run a business, if you don’t have the correct ones you are
breaking the law. For example, did you know that if you play background music
in your shop, cafe or other business open to the public you need a license for
this? There are more obvious ones, for example you’re dealing with food or
restricted items (such as gambling, alcohol or tobacco) it’s clear you will
need licenses for these. But you need permits and licenses for everything from
dealing antiques to selling items wholesale. Before you open your doors to the
public, spend some time finding out exactly what you need to apply for and be
sure to factor in these costs. Don’t get caught up in the excitement of
launching and overlook them.
Take Health and
Safety Seriously
If someone is hurt
as a result of your products, services or on your business premises you could
end up in serious trouble. Lawsuits against you could financially cripple you
or leave you bankrupt, plus it’s not great for your reputation either. Even if
your business is a relatively ‘safe’ working environment such as a shop or
office, you still have things like slips, trips and falls to contend with. If
you’re manufacturing your own products or run a warehouse, factory or other
large scale operation health and safety of course gets more complicated. With
things like vehicles, machines, power tools, heat, chemicals and more, it’s
more chances for people to get hurt. Make sure everyone has proper training and
a health and safety induction regardless of what it is your business does.