Business
The festive season is upon us meaning that it is a time for spending time with the family and making memories that last a lifetime. The last thing you want to be worrying about at Christmas is ensuring that your business is well-prepared and sorted.
Therefore, make sure that you are getting ahead on time so that you can kick back, relax and regenerate ready for the New Year! Here are our three top tips.
Firstly, plan with your accountant for when you will be running your December payroll for staff and communicate this with your team. By doing this, you ensure that everybody is aware of the plan for payroll, and that they know when they are getting their money. You are also able to prepare ahead of time to ensure that there are no or little to no mistakes made.
Secondly, get sorted for your Personal Tax Return which is due on the 31st of January. In order to be fully organised, make sure you have all of your relevant records from the previous year. This includes your bank statements and receipts so that you can fill in your tax return correctly. You must submit and pay the tax you owe before the 31st of January.
Anybody who has made the mistake of leaving their Personal Tax Return until mid-January understands the dread that it can cause. You might struggle to get hold of HMRC if you have any queries and it is a very stressful time. Therefore, filing early means you avoid all of this.
Finally, make sure that you chase overdue invoices before your clients shut down for Christmas. Although this is never a particularly enjoyable part of business, it is really important to collect any overdue payments ahead of time. Otherwise, you could be waiting until mid-January if your clients do not return beforehand.
Also, you will not end up starting the New Year with a long list of outstanding debt so that both you and your clients can relax without any overhanging stress.
We understand that getting sorted for Christmas can be a very stressful time for small businesses therefore, we are here to help you if you need it. If you are unsure about how to tackle any of the above tips, you can contact us here to find out more.
