The Financial
Secretary to the Treasury, Stephen Timms, met Hilary Devey - the
presenter of Five's troubleshooting series "The
Business Inspector" - today for a one-to-one conversation
about the secrets behind running a successful business.
The Business Inspector is a four-part series that aims to
highlight the benefits of keeping good records when creating a
successful business. It will be broadcast weekly on Five at 8pm
from Wednesday 17 March 2010.
Stephen Timms said:
"Successful businesspeople know that good record keeping
is essential, and can save them a lot of time and money.
"We want to ensure that growing businesses are not held
back by the need to play catch up with their tax affairs down the
line. The Business Inspector will bring this to life and highlight
the importance of having good systems in place from day one.
I'm looking forward to watching the first episode next
week."
Hilary Devey said:
"I am inspired and delighted that HM Revenue &
Customs (HMRC) decided to sponsor the Business Inspector. It is
the kind of programme many small to medium-sized businesses will
relate to. I am sure they will recognise many of the scenarios
portrayed in their own businesses. It is entertaining, and in some
cases hilarious, yet it delivers a very strong message.
"I am an avid believer that good book-keeping makes for
good business and is essential for growth. I believe that the
programme will get HMRC's message across in an easily
understood manner without having to delve into the small print. I
applaud HMRC for finding this method of reaching the public."
The series has been sponsored by HMRC and will raise awareness
among small businesses that they need to keep good records.
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 in tax returns easier and
helps small and medium-sized enterprises pay the right amount of tax.
Businesslink'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.
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Notes to
Editors
1. HMRC does not feature in the programme and Five retains full
editorial control. HMRC has sponsored the programme and has
sponsorship credits on the programme. All activity adheres to the
Cabinet Office sponsorship guidelines and - as with all government
communications activity - is subject to strict propriety guidance.
2. HMRC are sponsoring the series with Five and Optomen
Television. HMRC's contribution to the series budget is
£370,000.
3. The series is presented by award winning entrepreneur Hilary
Devey. She is the inspirational founder, Chief Executive and
Chairman of The Pall-Ex Group. A 2008 C4 Secret Millionaire, she
is a highly respected business figure who has not only built up a
multi-million pound business from nothing but has helped
revolutionise palletized freight distribution in the process.
4. The series is produced by Optomen Television, makers of
'Ramsay's Kitchen Nightmares' (C4) and
'Mary Queen of Shops' (BBC).
Issued by HM Revenue & Customs Press Office
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