Your month-by-month guide to financial fitness in 2012
Posted by Sally Revell in Finances on Fri, 20/01/2012 - 11:24
Sally Revell outlines the simple things you can do each month to stay on top of your finances and kick start your business in 2012.
Running your own business is an exciting challenge, which more and more of the UK workforce is embarking on. Entrepreneurial spirit is spreading nationwide, as people want to take ownership of their careers and earning potential.
There are some fundamental steps and processes you can put in place to ensure that your business is succesful in 2012. This is your guide to the key legal deadlines you need to meet in 2012 and some top events to attend to make valuable business connections.
Do one thing each month
Rather than take on the daunting task of overhauling your business and ramping up in one go, you should breakdown the chores into smaller – more achievable – monthly steps.
Keep on top of compliance
Self Assessment, payroll, Companies House requirements; every month you have compliance deadlines to keep on top of. Mark these dates on your calendar, with reminders, so you're ready to provide the necessary accounts and forms and ensure there are no nasty surprises – or fines! – lurking.
Grow your network at events
2012 is the 'year of enterprise', and in this spirit there are events taking place around the country for small businesses to meet up and network to share experience and explore synergies. You'll see some of the major events listed below. Attend them or find an event for entrepreneurs in your local area.
Monthly business tips, compliance deadlines and major events for small businesses:
January
Grow your business in 2012. Find valuable tools, information and support at: www.bis.gov.uk and BusinessLink.gov.uk
- 31 January: Deadline for online submission of Self Assessment tax return for the tax year ending 5 April 2011
February
Get professional advice. If you don't already have one, get an accountant and talk to them about financial management and how taking control of cash flow can help grow your business in 2012.
March
Be inspired. Gain valuable insight, ideas and inspiration by face-to-face interaction with other small business owners at events up and down the country.
- 7 March: VAT return due for accounting period ending 31 January
- EVENT: 12-16 March: Global Entrepreneurship Congress, Echo Arena and BT Convention Centre, Liverpool
- EVENT: 18-20 March: Business 2012, O2 Arena, London
- 31 March: End of accounting period (VAT Return due 7 May)
April
Build your workforce. Make sure you have the systems in place to ramp up headcount for specific peaks such as the Olympics, or Valentine's Day. An integrated in-house system will ensure you pay employees accurately and on time, and will help save time and reduce outsourcing costs.
- 5 April: Last day of the payroll tax year
- 6 April: First day of the new payroll tax year
May
Make light work of VAT. For many businesses, the stressful part of VAT is filing regular returns. Financial management software can make life easier with the ability to file VAT returns online directly with HMRC. Don't forget that from April 2012, all VAT returns must be filed online.
- 7 May: VAT return due for accounting period ending 31st March
- EVENT: 17-18 May: Business Startup, Excel, London
- 19 May: Deadline for filing your Employer Annual Return (P35 and P14s) for the tax year ended 5th April 2012
- 31 May: Last date for giving a P60 form for 2011-2012 to each relevant employee who was working for you on 5 April 2012
June
Simplify your paperwork. Your books provide the foundations for your business accounts and tax returns and help you understand your cash flow. Set aside weekly time to go through all your transactions, rather than letting invoices and payments mount up.
July
Keep up to date with current affairs. Share content and express opinions on current affairs with like-minded companies.
- 6 July: Deadline for filing forms P9D, P11D, P11D(b), or substitutes for the tax year ending 5 April 2012
- 31 July: Deadline for second Self Assessment payment on accounts for tax year ended 5 April 2012
- 31 July: End of accounting period (VAT Return due 7 September)
August
Stay on top of your finances on the move. Simplify your finances with a solution that allows you to manage your accounts from anywhere, on the move, via tablet, mobile phone or laptop.
September
Be social. Online networking is a great way to find out what's happening in the marketplace, improve your knowledge and make connections with people that can help your business.
- 7 September: VAT Return due for accounting period ending 31 July
- EVENT: 19-21 September: MADE: The Entrepreneur Festival, Electric Works, Sheffield
October
Create a budget. Outline how much you spend each month and how much income you need to bring in to pay your expenses. Managing your budget efficiently and running regular reports will help you to anticipate potential cash flow problems.
- 7 October: Deadline to notify chargeability for Income Tax/Capital Gains Tax for 2011-2012, if not registered for Self Assessment
- 31 October: Deadline for paper submission of Self Assessment tax return for tax year ended 5 April 2012
- 31 October: End of accounting period (VAT Return due 7 December)
November
Get paid faster. Creating invoices takes time and as you grow your customer base, your invoicing workload increases. Many companies start out creating invoices manually, so as the end of the year approaches, it's worth taking a few minutes to evaluate your invoicing procedure.
December
Review your performance. Look to see if there are any expenses you can trim, all your revenues have been entered, and all your customers have been properly invoiced. Reflect on your 2012 achievements, and look ahead to 2013 aspirations.
- 7 December: VAT Return for accounting period ending 31st October
- 30 December: Deadline for online submissions of Self Assessment tax return for tax year ended 5th April 2012
- 31 December: File accounts with Companies House
If you keep on top of HMRC's deadlines, follow one tip each month and attend informative events, you'll be sure to make your business a success in 2012.
Sally Revell is head of marketing for Intuit UK, maker of QuickBooks accountancy software for small businesses and accounting professionals.
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