I pride myself on being quite organised and a ‘together’ kind of person. However, I totally slipped up on my HMRC/Companies House duties. My thinking was that as I’m not selling anything yet and therefore not making any money, HMRC and Companies House don’t care about my business.i
INCORRECT MY FRIEND.
Once you register a company, it’s a matter of time before you’ll have to file certain documents and keep up to date with your HMRC and Companies House duties. Nothing makes me learn anything quicker than a penalty. So due to my negligence I have a few fines to pay now. The good news now is that it’s forced me to understand the process. I’ve also appointed an accountant to help me stay up to date and above board on all my responsibilities as a company director.
If I had to do it again I probably wouldn’t have incorporated Mummy’s Muse so early as the first year was a lot of research and the second year was a lot of set up.
I saw a friend of mine yesterday and she asked me, ‘How’s the business going?’, Surprisingly, this emotion wasn’t what I felt first. I went on to explain to her my current ‘dilemma.’ It made me realise this is what I should write about this week. I’ve named this dilemma, ‘ The Inventory Trap.’ When …
This is one of those pieces of advice that seems so obvious but I constantly forget. Seek out experts. In an earlier post I wrote about no man being an island. When I wrote about this my emphasis was emotional support, this post is about practical skills. You should look for people who know things …
One product, many colourways vs. one colourway, many products. This month has been about establishing which 4 or 5 products I’m going to build my first range around. Initially I had the idea of only going with one item and producing it in many different colourways and designs. Since then for a number or reasons, …
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Get An Accountant…
…or get your head out of the sand.
I pride myself on being quite organised and a ‘together’ kind of person. However, I totally slipped up on my HMRC/Companies House duties. My thinking was that as I’m not selling anything yet and therefore not making any money, HMRC and Companies House don’t care about my business.i
INCORRECT MY FRIEND.
Once you register a company, it’s a matter of time before you’ll have to file certain documents and keep up to date with your HMRC and Companies House duties. Nothing makes me learn anything quicker than a penalty. So due to my negligence I have a few fines to pay now. The good news now is that it’s forced me to understand the process. I’ve also appointed an accountant to help me stay up to date and above board on all my responsibilities as a company director.
If I had to do it again I probably wouldn’t have incorporated Mummy’s Muse so early as the first year was a lot of research and the second year was a lot of set up.
One lives, (pays their fines) and learns.
Related Posts
The Inventory Trap
I saw a friend of mine yesterday and she asked me, ‘How’s the business going?’, Surprisingly, this emotion wasn’t what I felt first. I went on to explain to her my current ‘dilemma.’ It made me realise this is what I should write about this week. I’ve named this dilemma, ‘ The Inventory Trap.’ When …
Seek Out Experts
This is one of those pieces of advice that seems so obvious but I constantly forget. Seek out experts. In an earlier post I wrote about no man being an island. When I wrote about this my emphasis was emotional support, this post is about practical skills. You should look for people who know things …
First Look At Flat Plans
One product, many colourways vs. one colourway, many products. This month has been about establishing which 4 or 5 products I’m going to build my first range around. Initially I had the idea of only going with one item and producing it in many different colourways and designs. Since then for a number or reasons, …