Small Business Matters

Don’t forget the January tax deadline

The tax return deadline of 31st January 2010 is just around the corner. Failure to meet this could result in hefty penalties so make sure it’s at the top of your priority list. Here are a few tips to follow so you don’t get caught out by the tax man.

Submitting your tax return online - the deadline for paper returns was 31st October 2009, you must now send your tax return online which needs to reach HM Revenue & Customs (HMRC) by midnight on 31st January. By now you should have registered to use the HRMC’s online services and received your activation code.  Given that this is done, you’ve now not got a week to file or otherwise you could face a £100 penalty, on top of any tax due.

It’s also worth noting that if you’re new to the online world there’s a very small number of cases where HMRC will still allow you to send your tax return on paper - read the section 'Exceptions - where you can't file online' rules surrounding this.

Pay any outstanding tax - as well as submitting online, the full and final tax payment will need to accompany the tax return. If you have been within self-assessment for a number of years, you will now be required to pay the final amount on 31st January 2010, together with the payment on account for the subsequent tax year 2009-10.

Top 10 Small Business Goals for 2010

The last 12 months have been incredibly tough for all of us, but we’re optimistic that 2010 will be a great year for UK small businesses. To succeed, businesses will need a sound understanding of their priorities and strategies. Based on our discussions with small business owners, we have come up with the Top 10 Goals for 2010 that every small business owner needs to think about.

Here is a taste of some of the tips on offer:

1. I will sort out my finances
Sometimes even the greatest business ideas can fail due to a simple lack of readily available cash. This is something that many small business owners find challenging to keep track of, but it’s vital to be aware of how much is being spent and for what, as is tracking VAT and making accurate returns. It is important to keep on top of bookkeeping right from the start, otherwise there is a risk of forgetting crucial costs or, even worse, failing to invoice a customer.

2. I will learn something new
Going solo can be nerve-wracking and lonely at times, however there is an absolute wealth of advice and top tips available online, as well as many forums and communities where other small businesses share their experiences. Our blog has advice and tips, including the ‘Secret Guide for Small Business’, which was created by small businesses for small businesses. Smarta, Enterprise Nation and BusinessLink are just a few other examples of sites where you can get free information and support.

The secret guide for small business success – from the experts themselves

If you’re an avid Twitter fan you may have seen that since the 1st December 2009, we’ve been asking our beloved Twitter followers and friends to tell us their top tips and tricks to help small businesses tackle some of the challenges they face today, and inspire budding entrepreneurs to grow and improve their business. Each day, over the 12 business days of Christmas (#12DOC) we asked topical questions that were significant to small businesses in the UK.

The response has been so good we wanted to share them with you all! So we compiled your fantastic insights into ‘The Secret Small Business Guide’, created by small businesses for small businesses. 
You can download it for free here .We asked about everything from coming up with a great idea and designing a top website, down to good time management and financial skills. The guide features tips from a range of entrepreneurs and small business owners and experts.

Some of the key tips include:

• Planning – one of the most important requirements for any entrepreneur is a business plan; not one that lives in your head or one that is consigned to an office cupboard, but a live business plan. (Alan Gleeson, Palo Alto Software Ltd)

• Be social – Social Media is a big thing right now and will only get bigger. Make sure you set up a Facebook page for your business and register with LinkedIn and Twitter. All this combined will generate results eventually, but it takes time. (Mark Adams, ACS Computer Services Ltd)

It’s snow joke for small businesses

You might have thought the UK had seen its fair share of snow this winter, but today we woke up to  a whole lot more! Most of Britain was covered in a layer of snow and experiencing sub-zero temperatures. The hazardous weather has forced airports and railway lines to shut, making it extremely hard for commuters to make it into work.

While all this snow is great news for snowmen, it is worrying for business owners who rely on staff to keep the business running smoothly. In fact, the Forum of Private Business (FPB) has warned small business owners that staff absenteeism because of the current conditions could cost small businesses in the UK a huge £230m.

VAT rate change: what was your experience?

It’s been a few days since the new VAT rate of 17.5% came into effect. As we get back to our desks and settle into our daily routine we want to know how you found the whole experience.  Hopefully it wasn’t too painful and you’re ready to hit the ground running and make 2010 count.

We’d like to hear about your experience of adjusting to the VAT change – tell us what went well and what proved to be trickier. Did you feel prepared enough and what would you have done differently looking back? What has the response been like from customers and how has it affected your business? Importantly, did you decide to pass on the cost or absorb the 2.5% yourself? Whatever you did, tell us why and how it went.

After what can be only be described as a turbulent 2009, we hope 2010 will be a bright and prosperous year for small businesses.