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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.

 

Could Your Business Be Breaking The Law?

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