28 Feb Expert Advice: Navigating the Legal Maze

On Tuesday 27th February, FEL held its monthly, free masterclass for students and start-ups. In this session, hosted by FEL Founder, Jenny Holloway, the focus was on legal matters. Titled:Navigating the Legal Maze: Demystifying Your Company’s Status, HMRC Requirements, and VAT in the Fashion Business, Jenny presented a PowerPoint talk via Zoom to carefully explain business essentials that every brand / designer needs to know.

Often in creative industries the business side can get overlooked so this free, 1-hour session provided pertinent advice on liability, taxation and ownership. Attendees included learners and designers from the FC Designer Workspace alongside 65 external individuals.

Split over five sections the seminar touched on:

Introduction to Legal Status in the Fashion Industry

• Understanding the significance of legal status for start-up brands and designers
• Overview of different legal structures (sole proprietorship, partnership, limited liability company, etc.) and their implications in the fashion business
• Legal considerations when choosing a legal structure and the impact on personal liability, taxes, and ownership

Registering Your Business and HMRC Considerations

• Step-by-step guidance on registering your fashion business with the appropriate authorities
• Understanding the role and responsibilities of HMRC in relation to your fashion company
• Navigating HMRC requirements, such as registering for taxes, National Insurance, and PAYE (Pay As You Earn)

VAT Essentials for Fashion Start-Ups

• Introduction to VAT and its relevance to the fashion industry
• Understanding the different VAT schemes and their implications for fashion businesses
• Registering for VAT and determining the appropriate VAT rate for your products or services

Managing VAT in the Fashion Business

• VAT record keeping and reporting requirements
• Understanding VAT invoicing and reclaiming VAT on business expenses
• Handling VAT on international transactions and exports/imports

Compliance and Best Practices

• Ensuring compliance with VAT regulations, including filing VAT returns and making timely payments
• Strategies for effective VAT management and minimising potential risks
• Seeking professional advice and resources for ongoing support with legal and tax matters
  

The session ended with a Q and A and was warmly received by attendees. Feedback included:

“Thank-you so much Jenny. Another inspiring chat as always!”

“Thank-you, so helpful.”

“You need a TV show, you are brilliant.”

The next Zoom masterclass will take place on Thursday 28th March on will be on the topic of Financial Growth Strategies: Taking Your Micro Business to the Next Level tap the link to book your free place.