5 Small Business Tax Tips

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It is the start of the new year and it is a great time to get finances ready. If you are a small business owner, it is super important to stay on top of your money as this will allow you run your business more smoothly. Staying on top of your business finances also helps when it comes to sorting out the business tax. Once you are on top of your money, your will most likely find the tax season stress-free. If you are wondering how to stay on top of your small business tax, here are 5 small business tax tips you may find handy –

(Note – these tips are for informational purposes only and not a substitute for professional accounting advice)

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5 Small Business Tax Tips

Keep accurate records

It can be tricky to stay on top of finances especially when the business is really but it is important to ensure you keep accurate records. Once you have accurate records, the whole tax season will be less stressful as you will have the records ready which will ensure you pay the right tax quickly.

Hire a qualified accountant

The best way to have a stress-free tax season is to hire a qualified accountant if you can afford to. A quick online search will bring lots of results for qualified accountants in your area. You could also ask around for a recommendation. It is important you hire ac competent and qualified accountant, so do check certifications before you hire.

For instance, if you are thinking of checking accountancy membership organisations UK to find qualified accountants, ICPA is one to check. Qualified accountants are usually part of a membership organisation for accountants in practice in the UK, so it is worth checking to see if the accountant you are thinking of hiring is part of a membership organisation.

Start early

I am an early bird and I like to do certain things quickly. Filing the tax returns early means you don’t have to deal with the crazy last minute rush. It also means you don’t get any surprise last minute tax bill. Once you file your tax returns early, you can conveniently spread the payments for your tax bill and that alone takes the pressure off.

Use an accounting software

If you can afford it, use an accounting software to keep accurate records, provide accurate information, and help minimise errors. A simple spreadsheet can do the work for you but for an easier and faster experience, go for a quality accounting software.

Set money aside for your tax bill

This sounds like common sense but the truth is it is easier said than done. Have some money saved up for the tax bill definitely helps and takes the pressure off. If possible, put some money aside every month towards the tax bill.

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Are you a small business owner? What do you think of these tips? What is your number one small business tax tip? Please sound off in the comments section, let’s chat. Thanks for stopping by.


How to Help Your Business Succeed

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There’s no such thing as guaranteed success in the business world. There are simply too many variables at play — even companies that looked, on paper, to be excellent ideas turned into a failure for reasons that are difficult to pinpoint. However, while you can’t guarantee your success, you can increase your chances of being successful. It’s all about increasing your advantages, which will weigh the odds in your favour. In this blog, we’ll look at some useful tips that’ll help you to do just that. 

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Hire Trustworthy Employees

You’re the person that’ll have the biggest impact on the success of your company. But your staff won’t be too far behind. If you have subpar employees, then you can’t be too surprised if you get subpar results. On the other hand, if you can develop a hiring process that pushes the best employees in your direction, then the future of your business will look brighter. Of course, it’s not enough to just hire good employees; you’ll need to create a working environment that allows them to produce their best work. If you’re guilty of micromanaging, learn how to stop; you’ll find that their output is much better when they’re allowed to just get on with things.

Get the Tools

There are many, many tools and resources that companies can use to improve their operations and produce better work. But you won’t get those advantages if you don’t have those tools within your organisation. It’s a good idea to periodically look at the tools that other companies in your industry rely on and then work on bringing them into your operations. Whether it’s hardware, software, or tools that allow employees to collaborate and work remotely, they’ll have an impact on your business.  

Outsider Help

You can’t do everything at your business, and not only that, but you shouldn’t do everything at your business. There are some things that are too complex or too time-consuming to be taken care of in-house. On the complex side of things are your legal, accounting, and marketing tasks; it would be better to hire Beyond Law Group Solicitors to manage the legal side of things rather than doing it yourself. A good accounting firm can ensure that your money is well-managed, while a marketing agency will help to spread the word about your company, helping you to bring in most customers. 

Take Care Of Yourself

Finally, remember to take care of yourself. You’ll want your business to succeed, but if you push yourself too far, then you could accidentally end up causing more harm to your business because your output wouldn’t be as efficient as it would be if you felt good. If you’re exercising, meditating, eating well, and having set cut-off hours, then you’ll always have the energy you need to deliver your best work. We said earlier how you’re the most important person at your business, and it’s true — treat yourself as the star player that needs to be taken care of, and results will come. 

4 Ways To Get The Word Out About Your New Product

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It’s exciting when it’s time to finally roll out and release a new product at your company. However, it can also be a tough job and might make you a bit nervous to do if there’s a lot of pressure to have your launch be a success.

It’s important that you focus on marketing and advertising so that you are able to get your product in front of the right people at the right time. The following are four ways to get the word out about your new product so that consumers know about it and want to own it.

1. Network Online & Offline

One way to get the word out about your new product is to network both online and offline. Attend or sponsor local events, speak at conferences, and update your online profiles. Come up with an elevator speech to carefully and concisely share about the item you’re selling and focus on delivering a consistent and informative message in each interaction. Use a mix of channels such as in-person conversations as well as social media and your business blog to spread the news.

2. Host Sneak Peek & Hands-on Events

Get the word out about your new product by hosting a sneak peek event for a select group of people. You can’t forget about the in-store experience and what this can bring to you ensuring people know about what you’re selling. Consider working with a sampling agency that can help you out in this area and make certain that you can achieve an impressive ROI and build trust with consumers as well as get them to convert into paying and loyal customers. Get your product in the hands of consumers so they start doing the talking for you.

3. Send A Newsletter

Email marketing is yet another option and channel to consider when you want to get the word out about your new product. Build your email list and send out an update through a newsletter to your past, present, and potential customers to let them know what you’re up to and the reasons to check out what you’re selling now. Make sure you include a catchy header and subject line and that you list out the most important points such as the benefits of the product and why they should consider looking into your new product further. Plan your email accordingly because you don’t want to overstuff their inboxes or have them miss out on this announcement.

4. Update Your Website

Not only build a website for your business but then use your site to your advantage. Get the word out about your new product by placing more information online. Focus on applying SEO best practices and make it easy for users to purchase the product if they’re interested in doing so. Updating your website is an opportunity to appear higher in search results, explain more about your release, and share pricing details and feedback from other customers. It’s also a good idea to publish an update about your new product through your blog for those who like to keep up to speed with your company’s latest innovations and product releases. 


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