10 July
Following on from last month’s Newsletter I would like to share another anecdote that illustrates how we as individuals (and in particular business owners) can be lazy in our thinking and believe what we are told when we really should be challenging the comments that we are fed.
The real lesson that comes out of this for me is that if it is important then check with an ‘expert’ or person of authority and not just accept something that you hear from a ‘Know it all’.
This one is called:
The Bloke Down the Pub
I was having a social evening down the pub recently and one of people in the group was talking about her business and asked me if I could offer some advice. Her husband was the main bread winner and she ran a small business to supplement the household income. It was not a particularly large concern and turned over about £15k a year.
Before I could comment one of the others chipped in:
‘Ah well what you should do is this’:
- Get as much cash in hand business as you can and don’t declare it
- Of course it’s easy money if you have your own business
- Put all your petrol receipts on the business – it won’t cost you anything
- You can charge all car repairs to the business
- You can get all your meals out on the business and it won’t cost you a bean
- Get as many VAT receipts from people you know and use them to get the VAT back
And on he went – it became rather embarrassing.
Of course the person giving the advice had never run a business in his life and did not have a clue.
SO – DON’T LISTEN TO THE BLOKE DOWN THE PUB OR YOUR BROTHER IN LAWS MATE.
For candid and reliable business advice talk to us at ICON Business Solutions
