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Fresh Threads: Dodgy deal, new idea, network group

  1. James Martini

    James Martini UKBF Ace Staff Member

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    Hi, UKBFers.

    Welcome to Fresh Threads, our weekly roundup of the best comments and advice from the forums. 

    Here are my top picks from this week.

    1. Cancelling a business contract before work starts

    Louise Hill

    I was talked into signing an advertising contract by a cunning salesman. They wanted payment there and then, but I said I did not have my card with me.

    I later decided it would not be a good idea to go ahead with this only to be told that I can't cancel as there is no cooling-off period for B2B contract.

    As no costs have been incurred by the company at this time, they have not done any work on this as yet. Is there any way out of this? 

    Nico Albrecht: Cunning salesman? How did he trick you and can you prove it? B2B - pretty much no cool-off here and without seeing the actual contract you blindly signed you might have to honour it or negotiate an early termination fee.

    Chris Ashdown: Just take it as a cheap lesson you will never forget and in future take due consideration before signing any contract, regardless of pressure selling. Fully read the smallprint on the contract and FULLY understand what it means

    Mark T Jones: It's a relatively inexpensive lesson in business: there is no such thing as a 'today-only' deal. Anyone who wants you to sign on the spot isn't to be trusted.

    estwig: Don't be too hard on yourself, it's a very old con executed by experienced conmen. Be as difficult as possible and look for every angle to make their lives so difficult they give up and go looking for a softer mark.

    2. New business idea, thoughts?

    p3morrisond

    My idea is to start a private company that assists with protecting cars that are broken down, crashed or need protecting on the motorway or roads.

    I would have a fleet of cars with flashing lights suitable for recovery, escorting loads, clearing debris off roads, assisting police with road closures etc.

    What are your thoughts?

    Mr D: Not sure about the motorway. Escorting loads? Yes, that could be done, though the police may still want to escort bigger loads (100+ ton etc). Is there a market big enough to pay for fleet of vehicles and staff?

    James Johnson: I quite like it but you would have to land with a big splash, eg you can’t really start with one safety car.

    Stas Lawicki: With so-called 'smart motorways', something like this sounds very interesting. Have you thought about how you might be funded? 

    fisicx: Isn't this already the job of the Highways Agency’s traffic officers?

    3. Buying personal things through a limited company

    CastleBoy

    I am sorry to ask a silly question, but I always want to know what will ‘actually’ happen when someone (such as a business owner or a company director) bought a personal item through a private limited company so that they don’t need to pay VAT. Can HMRC ever find out such purchase?

    STDFR33: The VAT isn't reclaimable and the transaction goes to the directors’ loan account (DLA). The director will have to repay the company for the purchase unless they are sufficiently in credit to offset the purchase against their DLA balance. In short, it's a stupid thing to do. 

    paulears: If the item is the kind of thing the company buys normally, then only having 20 large-screen TVs when there should be 21 is unlikely to be noticed. Buying a large-screen TV for the business when you sell dog food would probably look a bit odd.

    Adam93: Why is this forum so tolerant to fraud? If the company paid for anything for private use, there would be a benefit in kind for the director reportable on the P11D (with a few exceptions).

    MyAccountantOnline: HMRC may find it, or become aware of it, they may not, it's like any other crime some people are caught, some aren't.

    4. Best business network groups

    DragonLady

    I’m contemplating which business groups to join (and which not to).

    We're a small procurement and software company based in Fife, specialising in IT and working with the large multinationals.

    We’d very much like to do more with SMEs if we can find a way to get ourselves known. Any suggestions, folks?

    Mr D: How far are you willing to travel? Having you a good network group in Stirling will not help much if you want to travel only within Surrey.

    AstEver: You may want to attend the Edinburgh Business Show on 29 November organised by Edinburgh Connections), the FSB, Edinburgh Chamber of Commerce, ClubFive55. Go to a few networking events and select a couple to stick with.

    JEREMY HAWKE: Well, for £36, you can become a Full Member of this site because I have found it very useful over the years.

    Mark T Jones: I’m pretty sure your business doesn’t lend itself to generic small-business networking. Identify a key target market and look at where they go to network.

    That's all for this week – have a great run into the weekend!

    #0
  2. Furqan721

    Furqan721 UKBF Contributor Free Member

    54 4
    Thank You for sharing this stuff!
     
    Posted: May 16, 2018 By: Furqan721 Member since: Feb 26, 2018
    #2
    Chris The Dropshipper likes this.