Running a business is a bit more complex than you might think

The idea of being your own boss and enjoying the freedom and flexibility that comes with it sounds like paradise. Come up with a good idea, set yourself up and wait for the profits to roll in.

But as most of our members will tell you, that is very far from the whole story. It is true there are many advantages, but there are also a vast range of responsibilities which have to be dealt with.

Luckily there are a number of people in the Chew Valley who can help keep things on track, none more qualified to do that than our own Vice President, Rod Podger, whose team at Underwood Lamb are on hand to provide advice on a variety of topics.

You only need to look at their last newsletter to get a sense of the challenges facing business owners. It starts with the end of the 2023/24 tax year, when Rod explains that personal tax return clients will shortly be receiving the usual tax return notices from HMRC and they should provide accountants with the relevant information so they can prepare tax returns as soon as possible.

Whilst we’re talking about tax, businesses have to think about Making Tax Digital, which is finally coming in from April 2026 with businesses, self-employed individuals and landlords with income over £50,000 mandated to join first and those with income over £30,000 mandated from April 2027.

There are changes to the taxation of Furnished Holiday lettings and employers failing to prevent illegal working face a tripling in fines to £60,000, so it’s as well to double check that all workers have the right to work in the UK. If you’re not registered for VAT, you need to note that the compulsory threshold has risen to £90,000 whilst the de-registration threshold has gone up from £83,000 to £88,000.

There are new regulations on Company names, you need to check tax credit renewals, act now to claim dormant funds, have you claimed for research and development expenditure credits and do you need to register for the Economic Crime Levy?

You see what I mean? It’s a credit to our members that they navigate the regulations to stay in business and create a vibrant local economy and we are forever grateful to people like Rod and their teams to ensure our businesses stay on the right side of the red tape.

If you would like to find out more about Chew Valley Chamber of Commerce have a look at our website: www.chewvalleychamber.co.uk