Running your own business can be difficult but this time of year can bring particular challenges and added pressures. With the deadline to both file and pay your 2014-5 self-assessment tax return fast approaching, alongside VAT returns and PAYE and Class 1 National Insurance deadlines, it can seem like a never ending cycle of admin and legislation.
If you’re currently drowning in a sea of receipts trying to fill in your tax return and keep on top of your books, it may seem that there is no end in sight but you can make things easier for next time.
Okay, it’s not much fun but staying on top of your paperwork can make all the difference when you come to deal with your tax and VAT returns. So start getting organised and you’ll thank yourself later. Simple things like filing away your receipts and keeping accurate books will make the whole process a lot quicker and easier.
It also means that if you need to hire an accountant or other personal assistant services it won’t take as long or be as complex. By taking some time now to get everything in order you will save yourself so much more in the long run.
Running your own business, especially when you are a sole trader, can mean that there are a number of demands for your time, and things like admin can take a back burner. Part of the problem is often that you want to spend your time on the actual business rather than the paperwork.
Or maybe you don’t have enough full-time employees to spend time on admin. You may want a bit of extra help with the paperwork but don’t have the resources to hire a permanent member of staff. By outsourcing your bookkeeping and administration tasks to a personal assistant service you can free up your time for other things and let’s face it those are the things that you are good at.
It’s also important to make sure that you are doing your tax and VAT returns right, so speaking to an accountant could land up saving you money in the long-term.
For all the will in the world and the best organisation you may still find there are periods when you just have to focus on the big stuff. Small businesses can be fined if they fail to file their VAT and Tax returns on time, so sometimes you will have to just focus on that. However, you may find you can simply bring in short-term help to either worry about the bookkeeping or take away some of your other tasks like managing emails and your diary so you can free up some of your time. Having someone on an ad-hoc basis could take away a lot of the stress.
Train your staff
If you do have staff in your business, training them to help with bookkeeping and admin could mean that they can take some of the strain and let you concentrate on making money.
By filing your VAT and Tax return early you can ensure that not only do you not get fined but you also know what you owe earlier saving you stress and time later on. So why not free some time in your calendar for early in the tax cycle and next January you can just sit back and relax.
If you need help with your business Hour Hands can be there to help you do what you are good at – making money.