Useful HMRC Resources

As a business owner, and particularly as a sole trader, keeping up with what you need to do to comply with HMRC’s rules and regulations can be a little daunting. But did you know that there is actually a whole range of HMRC resources available to help you?

With everything from webinars to email alerts on a range of subjects from self-assessment to VAT returns, there is a range of tools available to you on the HMRC website which can help with the smooth running of your business.

E-learning

There is a variety of e-learning courses available on the HMRC website. These are in the format of how-to guides, walking you through every stage of the subject that you’re covering.

For example, there is an e-learning guide on VAT and how to get started with registering. This covers the likes of when you’d need to register for VAT; VAT rates; what to do once you’re registered, and case studies.

Email Alerts

Something that worries many business owners is missing deadlines for submitting paperwork. A useful resource which can help you with this is signing up for email alerts from HMRC. This involves HMRC emailing you ahead of your returns being due in order to give you time to complete and submit them by the deadline.

You can register for business help and education emails too, which may be of interest to you if you’re interested in the likes of new webinars, e-learning courses and educational videos.

Webinars

There is also a variety of webinars run by HMRC. Webinars are hosted live by an HMRC expert and are advantageous if you want to ask questions during the session as you can receive answers from the HMRC host in real time during the presentation.

If this is something you’re interested in, keep an eye on the HMRC website or register for email alerts so that you know when the next one will be. Set a reminder in your diary (although email reminders are often sent, too) and on the day of the webinar itself and remember to log in at least five minutes before the start.

Webinars can last for up to an hour, so they may not be for you if you are short of time. You can however register to watch pre-recorded webinars, but these are less helpful if a question occurs to you during watching, as obviously you won’t be able to ask once it has been recorded.

Videos

If you have a specific question you need answering, it’s worth taking a look at the range of HMRC YouTube videos. These cover topics from VAT record keeping through to How to issue P60s.

HMRC Small Business Forum

If you want to talk to other business owners and HMRC representatives it’s worth registering for the HMRC Small Business Forum. This forum is a great way to ask questions and receive answers from other members of this online community, and from HMRC themselves.

If after all of these resources you’re still worried about navigating the HMRC’s rules and regulations, then it may well be time to speak to a local bookkeeper about having your accounts looked after professionally. This will take some of the worry out of owning your own business.

The Benefits of Business Forums to the Small Business Owner

Any good businessperson will know the benefits of a trustworthy network of suppliers and contacts. Businesses often grow through word of mouth, but in addition to referrals, you may well need to call upon other professions that you can trust to help and advise in certain situations.

Business forums are a great place to network and make these connections, as well as being a place to exchange ideas and find support. There is a wide range of business forums available, from virtual networks such as HMRC’s Small Business Forum, through to physical local networking opportunities, like the Essex Business Forum. If you are pushed for time like many business owners, the virtual route will give you just as much support and encouragement as you would get from spending time at a physical meeting.

Here are just a few of the advantages of signing up to any sort of business forum:

Business Referrals

One of the greatest benefits of joining a business forum is new business opportunities. Members often seek other members out for particular trades, and the conversion rate of a pitch for new custom between members of a business forum is often much higher than when pitching normally. Indeed, the conversion rate can often be as high as 90%.

In addition, there are often opportunities to collaborate with members of the network who work in similar fields to yourself, which in turn generates more business. Furthermore, you are also likely to find trustworthy suppliers and contacts that you can turn to when you require certain types of work.

Promotion

As well as gaining more business from within the forum itself, there are often opportunities to gain promotion for your brand. For example, members’ businesses are often displayed on the forum’s website, and promoted on their social media.

Members are often advertised as ‘recommended businesses’, signalling to a mark of trust for those who come across the website seeking a particular trade. Sometimes there can also be other promotional opportunities such as advertising on local radio, or in promotional material, for example.

Exchange of Ideas

Another key benefit is the opportunity to exchange ideas with other members. Whether you’re actively looking for advice on a particular subject from someone in a specialist trade, or whether ideas are sparked by conversation with likeminded peers, you’ll gain valuable insights into your own business which you may never have thought about otherwise.

Similarly, there are often opportunities for more formal development and training sessions, too.

Socialising

Socialising is a surprisingly important part of any business and shouldn’t be underestimated. If you work alone, you may well benefit from the social aspect of joining a business forum, even if only online, as you’ll be exchanging ideas with like-minded business people. If you work as part of a team, it’s still often a good chance to converse with other professionals who are at similar points with their own business.

From a simple exchange of ideas through to answering questions and gaining advice, business forums are a great way to build up your business. Why not look into joining a business forum to see what you could achieve from it? If you are stuck for ideas of which ones to join, you could always ask your local bookkeepers for recommendations.

How to Attend Business Meetings Without Travelling

Doing business face to face and collaborating with others has always been an essential part of trade. Whether you’re brainstorming and sharing ideas with one of your partners, or talking through a brief with a new client, face to face is always beneficial.

Apart from the fact that things can often get lost in translation when done by telephone or email, putting the personal touch into negotiations often goes a long way towards problem solving or sealing the deal.

Obviously, it’s not always easy, economical or convenient to travel to meetings, but this doesn’t mean that you can’t do business face to face. The good news is that modern technology can help to overcome this obstacle.

VoIP Systems

VoIP – Voice over IP – systems have been around for some time now. They allow voice communications, multimedia sessions and face to face real time images to be delivered over the internet.

These include the likes of Skype, which allow you to make phone calls, or chat face to face using webcams, over the internet. You can also use this technology to share your screen with someone, which then allows you to give a training session via the internet, for example, or talk through something you’ve been working on.

Skype is probably the most commonly used VoIP system, but there are many others available too, such as UberConference, all of which will allow you hold a face to face meeting in a straightforward way without having to travel.

Interactive Conferencing

Other conference technologies take long distance meetings to another level. Innovations such as the SurfaceHub from Microsoft allow teams to come together face to face, yet be physically located miles, and even time zones, apart. This type of technology allows teams in different locations to:

1. Instigate meetings at the touch of a button
2. Take part in group discussions via the screen
3. Show customers or staff how to use a new product of system
4. Annotate designs, or add notes to documents
5. Play videos, and make notes over the footage

By using wide-angle camera technology and high-performance microphones, whole teams or groups of participants can take part in a real-time meeting, where both teamwork and eye contact is possible. What’s more, at the end of the meeting, any notes made or content created can be easily saved and emailed to all of the relevant people. 

Time to Consider the Possibilities?

Research has revealed that when teams come together to develop ideas and business is carried out on a face to face basis, the results are significantly enhanced. If you are looking to expand your business into a global marketplace, or simply want to make the way you run things more time efficient, why not look into the technologies available to you? The great news is that many of them are available on a subscription basis and can be scaled according to your usage needs, which means no capital outlay and you only have to pay for what you need.