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NFFF Membership – What’s in it for me?

It’s like having insurance cover.  You may pay £1,000 for shop, £500 for home, £400 for car and £1,500 health cover, crazy thing is very few of you claim.

If you ever have an Inland Revenue or VAT investigation you will want the help and advice of someone with experience.  A number of friers think it will never happen to them for various reasons.  If your turnover is just below the VAT threshold then you are more likely to undergo an inspection than someone £1,750 per week showing 55% gross profit.

Even if you are innocent, the Revenue and Customs and Excise will put you through a lot of heartache and an investigation could last two years.

If you feel you still don’t want to join the Federation we suggest you look around your home, make a list of everything you own including clothing, when it was bought, how much was paid, by cash, card or cheque and also supply receipts.  This is just one thing to do to prove your innocence.

Other things anyone having an investigation will have to supply are all business records, receipts, yield of chip portions per 25kg bags of potatoes, amount of fillets per stone of fish, explanations of any variances in takings, all till rolls and z readings, P46 forms if employees started without P45, wage records, personal bank/building society books and statements, credit card statements (private & business) and relevant invoices, details of holidays, spending money, lists of personal expenditure, weekly shopping bill, amounts spent on eating out, alcohol.

Not having all this information will not suffice, the Revenue will then calculate their own figures which you will then have to prove them wrong.  They could also be looking at the previous 2/3 trading years.  If the Revenue find an error in the accounts and prove this was fraudulent then they could apply the amount of error for the previous 20 years.  Even if you sell your shop the Revenue and Customs have 6 years to investigate the business.

If a fish frier ever has an investigation who’s he gonna call?  Yes…….Fish Friers!