The summer is officially winding down. For many of us, it’s back to school, back to business and back to reality. Yup, unwinding on the beach is officially a distant memory. It’s time to get back to the grind, and that means catching up with your business admin. Gah!
Really, though, there’s no need to fret or feel ashamed if you’ve left things on the back burner. Summer is a time to let loose and allow your responsibilities to slide a little, as spending time with family and enjoying the beautiful weather becomes a more pressing priority, and rightly so! Now that it’s time to get back to business, however, you may be feeling a little overwhelmed. This is only natural after you’ve taken your foot off the gas a bit.
So, perhaps you’re wondering where to start when it comes to getting back on track with your business admin. Luckily, we’re here today to give you a few handy tips.
Get your invoices under control
Managing your invoices is likely one of your biggest bugbears as a business owner. They are, unfortunately, an absolutely integral part of managing your cash flow.
After returning from a break, tackling any lingering invoices should be your first port of call. Chase up any payments you are still waiting on, and pay any invoices that are outstanding at your end, too.
If you are yet to create a streamlined strategy for generating, sending and keeping track of your invoices, now could be a good time to explore this. Having a succinct strategy will ensure that this aspect of your operations runs like a well-oiled machine. Savvy invoice management will encourage regular cash flow and save you time that could be better spent on other, more pressing things.
Of course, many business owners find their invoices simply too overwhelming to handle themselves. If this is you, consider employing an accountant (perhaps even ourselves here at One Two One!) to take care of your invoicing for you.
Organise your receipts
Most of us, as consumers, have a habit of quickly replying “no, thank you” when asked if we would like a receipt, or perhaps we walk away altogether before our cashier even has the chance to offer us one.
However common this attitude is, it really isn’t the smartest approach, and certainly not if you are self-employed or own your own business.
Of course, small-business owners don’t particularly enjoy spending hours upon hours organising their receipts. But the art of keeping receipts is essential unless you want to jeopardise the accuracy of your upcoming tax return.
So, it’s essential that you sit down and tackle any piles of unorganised receipts as soon as you return to your desk after your summer jaunt.
Get ahead with your tax return
Filing your tax return on time helps to stand you in good stead as a responsible small business owner. If you don’t meet your deadline, you could well face a fine from HMRC.
It’s essential, therefore, that you don’t leave your tax return to the very last moment. Plus, if you’re rushing your return, you’re far more likely to make mistakes or miss out on important information.
You can submit your Self Assessment tax return by filing it in online or sending in a paper return.
The deadlines for filing and payment for the 2021/22 tax year are:
31st of October 2022 to submit a paper return
31st of January 2023 to submit an online return
31st of January 2023 to pay self-assessment taxes
As soon as the tax year has concluded on the 5th of April, you’re free to start preparing for your tax return. The savvy ones among us – who have stayed on top of their bookkeeping and have been collecting all the necessary information throughout the course of the year – will find the whole process far simpler and, ultimately, will save a lot of valuable time when it comes to filling in the return.
Plus, get a head start and if you do need to contact HMRC, you’ll be sure to avoid the inevitable rush of enquiries and conundrums as the deadline closes in.
Make a note of any deadlines
If you’re a small business owner, you’re likely juggling a whopping amount of plates at any given time.
It can be easy, therefore, for things to slip through the net, shall we say…
Of course, you’ll do yourself no favours by missing key deadlines in the tax calendar. The thing is, when you’re a small business owner, every season is more or less tax season, with multiple dates specified by HMRC for things such as VAT returns, payroll, personal tax returns and corporate tax filing deadlines.
So, we advise getting out your marker pen and clearly noting any key dates in your calendar, so that you can be prepared for whatever is coming your way.
Struggling to manage your accounts as a small business owner? We can help you to get back on track. Simply get in touch today.