The monthly online
magazine for all
catering professionals
Essentially Catering Magazine

Catering news - For this month's news - View magazine »

An Inspector Calls

The Business InspectorIf you run your own small business, it’s worth trying to catch TV series ‘The Business Inspector’, currently being shown on Wednesdays at 8pm on Five.

Sponsored by HM Revenue & Customs (HMRC), the series is being run in order to raise awareness among small businesses that they need to keep good records. Hilary Devey, the straight talking, self-made haulage millionaire, who once appeared on C4’s ‘Secret Millionaire’, is the eponymous troubleshooting inspector.

“Keeping good records makes good business sense as it gives small businesses the information they need to manage their business and help it grow. It also makes filling tax returns easier and helps SMEs pay the right amount of tax,” said Stephen Banyard, Business Customer Unit Director at HMRC.

HMRC’s Top Tips for keeping good records

  • Set up a reliable system for keeping full and accurate records of your income and expenses from the outset
  • Keep records throughout the year - update your records regularly, rather than letting the paperwork pile up
  • Keep your records for a minimum of six years
  • Keep records to show what you have bought or sold relating to your business. This should include details of all cash transactions as well as invoices and receipts
  • If you are an employer you must keep records of wages paid and details of tax and National Insurance that you have deducted and paid to HMRC
  • Keep bank statements and building society books – this is particularly important if you don’t have a separate business account. You should be able to show clearly what you have spent personally and on the business.

For more help with record keeping download the factsheet at www.hmrc.gov.uk/factsheet/record-keeping.pdf

To watch a short online video on record keeping visit Business Link.

Your feedback is important to us – please comment any time. Leave feedback »

Previous issues - For latest news & articles view this month's magazine »

Inside this issue

Sign up for more

Sign up today and get Essentially
Catering Magazine delivered every
month to your inbox.

You’ll also get:

  • Weekly news updates
  • Exclusive catering product offers
Sign up »
Advertisement BB Foodservice
Follow Essentially Catering Magazine on Twitter

Essentially Catering @MagazineEC 19 MAY

RT @ChefGruel: When the shutdown ends, I’m inviting everyone who retweets this to my chicken concept Two Birds. Double birds on me. https:/…

Essentially Catering @MagazineEC 28 APR

NEWS!! After 13 years EC magazine is closing on the 30th April, it’s a decision from the top, nothing to do with CO… https://t.co/N97wicqo9j

Follow Essentially Catering Magazine on Facebook

Article Archive

Mental Health

Christmas may be heralded as a time for customers to be jolly and let their hair down, but the extra pressure on hospitality workers can take its toll. This year has witnessed an unprecedented amount of media attention being given to mental health. Read more >

Cocktails

Back in the day, the availability of cocktails out of home was very much limited to eponymous bars where your drinks were served by expert mixologists with a flair for spinning and twirling bottles as they created their offer. Read more >

View previous articles > 191
Advertisement Cooking oil offer