New Year’s Eve! Happy New Year’s Eve, the last day of 2015. Will you be spending the evening out partying? Or relaxing in bed?
To be honest, I would want to relax and do some reading on how to better my own Small Business. 2016 is the year I want to turn my business into a Medium Sized Business rather than keeping it a Small one. I have a Ferrari LaFerrari that I stare at every morning and night to motivate me to get up and do some reading. That is my target, so you should have one too.
Anything you do, that is not procrastination, will be useful to you reaching your goal. The more effort that goes into anything you do is a success, even if you have failed, you have taught yourself a lesson from that failure. If you are a Small, Medium or Large Business Owner or Self-Employed, I am sorry to remind you that January is the month to go mad, literally.
You may be asking me why, but Tax Returns are around the corner, if spending money on Christmas Presents was not enough, then let the Tax Return hit you harder. Don’t worry, if you have a good Accountant, they will help you do all your work, so the only stress you have is paying. I know some business owners that do not have an Accountant and I still fail to understand why, they must be superman to do their paperwork, file and submit their Self Assessment Tax Returns, File Company Accounts and keep on track with their business. Just saying that is tiring me out, I trust my Accountant from East London a lot, because he did not study for fifteen years for no reason. He is an expert at the field, and because I have very little knowledge compared to my Accountant about finances then I should leave it with someone with knowledge.
For example, you may be a Taxi Driver; do you understand how Bookkeeping and Double Entry works? If you do then well done, if not then don’t take a chance and do it yourself because it is more difficult than you think it is. Why do you think students are going crazy for Accountancy Work Experience, because what they learn and the way things are done in an Accounting Firm are totally different. Some of you reading this article may be a normal income worker right?
Don’t let me put you off from starting your own business, it is better to work for yourself because you can tell yourself off. I have included you because in April some of you may be allowed a Tax Rebate. If you do feel like you have been taxed unfairly or “for no reason” than 5th of April 2016 is the day you find out that you get money back.
See, Accountants are not that scary. If you need help in working out if you got taxed wrong or just general advice, I am sure your Local Accountant will help you answer any of your queries. Just remember the financial period is 6th April 2015 to 5th April 2016, that year you are allowed $10,600 untaxed money, so anything above it gets taxed, but leave it to the experts.