If you go it alone, there’s going to be a time, when you need business help. There’s so much to do, it can be overwhelming.
Take this week. We’re approaching my VAT quater, which means that all the invoices we’ve sent and all the bills we’ve received have to be totted up. Then we have to work out how much VAT is due.
Value Added Tax (VAT) is a levy that’s added on by the government, through HMRC. Once you get over a certain turnover, around £80,000, you have to add on tax at the current rate and at the moment that is 20% ( Nice easy maths). When it was 17.5% it was a nightmare!
So this is added on automatically with our software, but then is passed to our accountant. Now VAT and accounts is one area that has to be done correctly. This is the first area I’d recommend you get business help. The penalty for getting it wrong is much more than financial pain. For the first eight years, whenever a brown envelope dropped onto my doormat, my heart sank. I knew it was from the Her Majestys Revenue and Customs (HMRC) and it was normally a demand for unpaid money. When I reached the point where I didn’t want to open them anymore, I knew there was a problem. This is when I decided to get some business help generally.
Now, it’s going to cost money to get help, and this is one of the hardest things to learn when you’re self-employed. Paying someone to do something like book work or accounts or marketing etc, feels like a waste of money. Let’s face it, money is scarce when you start out. But if you’re starting to avoid doing something important, it’s a warning sign.
That’s where we’re up to this month. After trying out so many new things in the business over the last eight years, I realised this weekend, enough is enough. I need some business help. The warning signs were longer days and missing out on things that make me happy. These inclued my family, the pub quiz and Scouts. So if you’re not enjoying it anymore, or overwhelmed, or even scared to even look at something like tax, or accounts, maybe you need help. Go on, stop putting it off, get some help in your business.