Business Growing Pains: The Money Bin
Eight years and nearly eight successful self-assessment tax returns. I’ll admit, it was a bit of a learning curve to start with. The terminology alone used by the HMRC is a hurdle the size of Everest. The text may as well have been hieroglyphics to any self-respecting new self-employed individual. Gradually, with the help of Google and business friends, over time this got easier to understand. Eventually I had a system in place where each years’ tax return was a doddle. So-to-speak. Paying back the tax, not so much, but at least I knew where I stood with the strange terms coined by the HMRC.
Enter 2017. This year, things needed to change due to the nature, gradual growing success and time availability for my business. I needed to open a business bank account, I needed to register for VAT, go on as a Limited Company and I needed to move my websites to a dedicated server. Lots to do in a short space of time. As it happened, I concluded that all-at-once was impossible – so I staggered the processes to ensure successful implementation.
But these hurdles, and more, have brought some serious drags in my time and energy as a business owner. Things that should be easier and things that are complicated immensely by big-dog-companies (who should have a responsibility to make easier for younger businesses). Sadly, its the aforementioned big-dog-compamnies that maintain and add-to stresses and obstacles for the underdogs. But if I can share my experiences to help others that may suffer the same obstacles – then perhaps this is all a little more worthwhile. And I’m starting with the biggest dog of all. The bank.Read more