However, leaving it to the last minute comes with so many risks, the biggest being that there might be something preventing you from completing it on time. With an instant fine of £100 if you miss the deadline, and daily fines of £10 (for up to 90 days) if you haven’t filed by 30th April – there are plenty of financial incentives not to be late.

Besides the obvious problems shown above, we at Jaxstar solutions know there are a few more very persuasive reasons why you should complete your Self-Assessment before the Christmas holidays…

It gives you more time to save for your tax bill

Unfortunately, there is no getting away from the fact that we all have to pay taxes, it’s good to know how much you owe and then be able to plan accordingly. Christmas is an expensive time of year, so it helps to know what future liabilities you have coming up, and how much you have leftover to play with.

You might receive your refund in time for Christmas/New Year
Obviously, we can’t promise that this will happen! However, if you are due a tax refund, wouldn’t it be lovely to have it in your bank account instead of HMRC’s? The sooner you provide all the information, the sooner your tax calculation can be completed, and that means you might get a nice cash bonus to enjoy during the festive season!

You have time to ask for help if needed

Self-Assessment forms can be complicated, and if you leave it until the last minute, there will be less time to sort out any queries, and you will be putting yourself, and your accountant, under unnecessary pressure to provide all the information in time.

You can relax over the Christmas break

We all know having a looming deadline in the back of your mind can drive you mad, especially at Christmas when you are supposed to be relacing with your family. If you get your Self-Assessment filed before the Christmas break you’ll be free to relax with a clear conscience, to fully enjoy the festive season with the satisfied feeling of having all your ducks in a row.

You can start the new year free to focus on plans and objectives

January is the perfect time to step back from your business, to think about what’s working well, and also what you’d like to change. Setting goals and sketching our a plan to achieve them is the most important thing you can do to bring success to your business. If you have got your Self-Assessment tax return out of the way, you will be able to dedicate time at the start of the year to planning your business success, rather than worrying about tax deadlines.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

I use this time of year to do just that, so I thought I would share a few helpful tips of how I research and plan what I want to buy for the best price as well as some tips to ensure you are getting the best product and service from these retailers.

If you’re shopping for tech, know the life cycles

Most technology, including smartphones, TVs and tablets, is released on a one-year cycle, so you only need to wait 12 months before there’s a shiny new device to get excited about. Big tech companies will do their best to tempt you into buying their latest release, but the forgotten device celebrating its first birthday could still be more than adequate and it’s also far more likely to be on sale.

Research your favourite products’ price history

There are useful web tools you can use to check how much a product has been sold for previously so you can work out whether the ‘sale’ price really represents good value. CamelCamelCamel, for example, provides price history for products sold on Amazon, whereas PriceRunner has wider market coverage.

Make a list of different retailers selling the same product

The rush in activity on Black Friday can cause websites to crash and retailers to run out of stock. If this happens while you’re trying to buy a product, having a pre-prepared list of stockists will mean you can try others, so you don’t miss out.

Start your Black Friday shopping early

Many retailers have already launched deals a week before Black Friday and this year some retailers are running promotions through the whole of November. If you are waiting for Black Friday itself to search for bargains, remember the best deals are likely to be snapped up quickly – especially big-ticket items – and some products may already have sold out.

Check the returns policy

The one good thing that has come out of lockdown is that everyone will be shopping online which gives you more rights than shopping in store. You have 14 days from the date of delivery to cancel an order and a further 14 days to return it for a full refund. You should also get the original standard postal costs back. Many shops offer extended returns periods in the run up to Christmas – handy if you are buying a gift.

Ensure to check whether the policies entitle you to the actual money back or just a store credit/exchange!

Set up online accounts in advance

It is not unheard of for websites to slow to a crawl on Black Friday and for popular deals to sell out quickly, so you’ll want to get in and out as swiftly as possible.  Open online accounts with your favourite retailers, pre-enter your payment and shipping details, and save them to your account so you can complete purchases quickly once deals are live.

It’s also worth signing up to your favourite retailers’ newsletters and following them on social media as this may give you early access to deals.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Try these 10 ways to help you manage your time better so you can push through distractions and get things done:

Make a to-do list:

Lists keep us organised, keep us on track, and keep us on top of where we are and what still needs doing.

Prioritise

At first, you’ll find yourself assigning top priorities that really aren’t the most critical.  Like with everything else, learning to prioritise is a trial-and-error process.

Set SMART goals

By setting goals for what you need to get done before lunch, before quitting time, or by the end of the month, you know how fast you have to work and how much time should be spent on each project.

Track your time

Keep track of your time on each task for a couple days, you’ll get a feel for when you’re spending your time appropriately on goal-oriented activities and when you’re simply wasting it on non-productive things.  This will also allow you to think about, do you need to be doing this task or can it be someone else in the business.

Do not attempt to multitask

Stay focused on one thing and one thing only, and only move on to the next task when the first one is complete.

Minimise distractions

Shut the door, close the widow, put your headphones in and stay away from social media and other Internet distractions.

Delegate responsibilities

Having another responsible person take over some of your tasks is like getting twice as much done in the same amount of time.

Give yourself rest periods

You are simply not going to be able to perform at 100% all the time.  To prevent the inevitable burnout, you have to give yourself the freedom to rest and recoup.  Not only will you be able to perform more efficiently when you approach a problem fresh-faced, you may actually come up with solutions and better ways to approach a problem while you’re not actively working on it.

Plan for tomorrow today

Use the last 10 or 20 minutes of the day to plan at least the first part of tomorrow, this will let you start the new day with momentum.

Use the Pomodoro technique

The pomodoro technique is when you set yourself a task and set the timer for 25 minutes turning off phones, emails, anything that could distract you. After 25 minutes you take a 5 minute break and then do another task for 25 minutes. It’s a really productive way of working and its small chunks of time which work really well. If there’s a larger task which you know will take more than 25 mins then you set timer for 50 mins but you should never go longer than 50 mins without a break.

If you would like to find out more about this technique, you can find all of the amazing advice and tricks here https://francescocirillo.com/pages/pomodoro-technique.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Send Invoices Right Away

Sales invoices are the lifeblood of a small business. The quicker you send invoices out, the faster the cash comes in. If your current invoicing process is tedious, consider switching to a cloud-based accounting app with attractive, easy to create invoices. Also look at whether you have reviewed your invoicing process since you started the business, often this review gets overlooked.

Get Customers to Pay Invoices on Time

We know this is easier said than done, but simply sending out reminders and giving your customers due dates is a good place to start.

Increase prices

You want to strike a balance between keeping your prices competitive and fair and ensuring you are paid your worth for your hard work. Make sure you are keeping up to date with your market.  Whilst I don’t believe in doing the same as your competition you need to be aware of where they are at.

Expand Sales Market

Sit down with some coffee and consider new ways to expand your sales market. This can be anything from offering a new product/service to implementing a new marketing strategy. If you’re not sure how, then speak to someone who does.

Monitor Operating expenses

Carefully consider your current expenses. Cut out any that are unnecessary and try to minimise the necessary expenses as much as you can.

Pay suppliers at the right time

If your suppliers offer a discount for paying early, be sure to pay in the required time to save some money. If the supplier doesn’t offer a discount, pay when it’s most favourable for your business and by the due date.

Open A Business Savings Account

This is a simple way to generate a bit of extra cash, and it is a smart way to ensure you always have a cash flow cushion for your business.

Ensure you submit all your tax returns on time

Avoid receiving any fines from the government because you let time get away from you, get all of your bookkeeping sorted a head of time. If you are VAT registered, consider setting up a Direct Debit for the VAT amount to be taken automatically.

Take out a small business loan (especially now)

Although COVID-19 has had a huge impact on business, ensure you are making the most of the government loans that are on offer to you, this is crucial for making your business succeed at present and in the future. Always read the small print to check you are eligible.

Pick up a book

Reading for business can change the way you do business.  ‘Profit first’ by Mike Michalowicz has changed the way I handle my accounts and I highly recommend it. Profit First is a book on budgeting, disguised as an ‘accounting hack’. It has been written for time poor entrepreneurs in a conversational and story telling tone along with plenty of analogies to keep it interesting and easy to follow which you don’t usually get from accounting and finance based books.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Most small business owners do not have an expansive knowledge of accounting procedures and practices, yet they are still required to manage such tasks. A common mistake is to not claim for items you are able to and perhaps claim for items where you should not. The outcome of either of these could become expensive and time consuming.

Working with a bookkeeper allows them to give you a financial overview of your accounts month on month, quarter by quarter, year on year which benefits the day-to-day business operation.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

So, as a small business owner what can help you stay calm and help yourself and your staff?

1. Recognise what is going well

This is one of the first things I will point out to clients — it is just as important to recognise what’s going well (if not more so) as it is to recognise where things aren’t going so well. When you consider what is going right with your business, that instantly puts you in a positive mindset, which makes it much easier to combat stress. Being able to also identify where things are working or are not makes you feel like you have control over what is happening, in what can feel like the chaos of running a business.

2. Identify your stressors

Identifying your stressors is vital to being able to tackle them, stress usually comes from a problem you have not even looked at yet or are having trouble solving. I think the best way to identify stressors is to take a step back and look at the bigger picture. Then once you’ve identified what is causing you stress, you are much more able to work out how to deal with it and even just identifying what is causing you stress can help alleviate some of it

3. Learn to say no

When you’re starting out, you may not have the luxury of opportunities flying at you, so you say yes to everything but eventually you focus on your mission and ask yourself, ‘Will this help me get there?’ before deciding yes or no.

Of course, saying no can be tough however it’s important to remember your value and that you have limited time. Instead of thinking you may offend the other person, it’s an opportunity to show them that when you decide to do something, you really value what you’re doing and you’re doing it on your terms.

4. Unplug during your time off

You are not a robot. You cannot work all the time and expect to maintain the same level of productivity and efficiency. You need to replenish your energy levels, and not just physically but mentally, emotionally, and spiritually. When you’re working on your business, you want to be present and in the moment which becomes difficult if you’re unable to unplug in your off time and feel a conflict between your work life and your personal life.

5. Delegate or outsource your tasks

When you are used to being the boss, it can be hard to let go and give up control, but as any small business owner knows, you cannot do it all. If you are trying to, then you are probably not doing the best job at everything. That is why learning how to delegate or outsource certain parts of the business tasks is a foundation for being successful.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Just like a personal Direct Debit for monthly bills, a small business Direct Debit set up works in much the same way, ensuring that payment will be made on a set date. Direct Debit removes the need for customers to view, approve, and action any invoices you send, so you don’t need to wait around for clients to authorise payment upon receipt of a new bill – the payment is made automatically. 

Direct Debit doesn’t just benefit your business, it brings a whole host of benefits to your customers too – benefits that add to the value and quality of service you’re already delivering. 

Here are a few things you can tell your customers about the benefits of paying by Direct Debit through GoCardless. 

• You only need to set up payment once – Complete an online form and, unlike with a bank transfer, cash, cheque or card payment, you won’t have to remember to pay next time. Which means no accidental disruptions to your service, subscription or membership. 
• You won’t ever need to update payment details – Unless you change bank accounts, you won’t have to worry about updating your payment details either (unlike, if your debit card expires, or is lost or stolen). 
• Paying through GoCardless gives you certainty – You’ll know exactly how much you’re paying and when it will come out, which can help with budgeting. 

The best news about setting up direct debit, if you use platforms like GoCardless, they can be synced with Xero so all the invoices are handled online and don’t need a lot of attention from you. If you don’t know how to sync GoCardless and Xero, please send me a message and I’d be more than happy to set you up and explain the process.  

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Keep An Eye on Your Competitors 

A smart business owner will always keep a close eye on competitors. This is because what moves your competition make will have a direct impact on the success of your brand. Researching your competitors can help you to identify areas where you can improve your own business and utilise any gaps in the market. 

Seek Customer Feedback 

For businesses in all industries, it is important that you provide a quality product or service to your target customer. It can be hard to know what you are doing well and where you could make improvements without interacting with your target audience. It is for this reason why you should always seek customer feedback and then look for trends and changes that you could make to give you an edge over the competition. 

Meet With Your Team 

Similarly, you need to work closely with all members of your team at all times. When everyone can communicate effectively it can create a positive working environment and enable you to work together to bring about positive change to the business operation. You can do this through regular meetings, staff surveys and informal meetings. Make communication a priority in the workplace and it will help the entire operation to be more proactive in all areas of business. 

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.