This Month's Top Tip

Time Is Money: Management Tips To Help Your Finances

Time Is Money: Management Tips To Help Your Finances

The accomplished team at Magic Accounts knows how hard it is to manage your business’ finances and make room for anything else, especially if you are a start-up. Staying on top of your bookkeeping tasks and having a clear report of your cash flow will make the job faster.
Here are a few tips accountants and bookkeepers use to turn handling finances from a stressful chore into a boatload of fun.

Getting a Rhythm

Establish a scheduled routine. Studies show that people operate better when they’ve had a chance to acclimate themselves to the tasks’ requirements. The expert team here at Magic Accounts have been doing bookkeeping services for different clients for years; they breathe numbers and can’t get enough of them. They’ve been able to achieve that by doing the same tasks repeatedly every single day. Sounds boring? Don’t worry; it’s not as dull as it sounds.

While crunching numbers, accountants enter into a rhythm that helps them work faster without dispensing as much energy. Establishing a rhythm allows people to flow easily from one task to another.

A daily rhythm can only be gained through years of experience because it requires confidence in the quality of the work done. People will often extract a certain amount of enjoyment out of the task, after establishing a scheduled daily routine and a subsequent rhythm.

Setting Priorities

Save the best for last. In other words, do the toughest assignment first. People often neglect prioritising their accounts when delegating their finances to accountants. Accountants can tell through experience which tasks are more important than the others, and they’ll work on those first.

Creating a list that ranks tasks in the order of when they should be accomplished is an underrated, but very useful, technique in getting things done quickly. Accountants recommend working on the more difficult tasks first; it helps allocate energy as the day starts to wind down, as well as getting stress out of the way as soon as possible.

Looking Ahead

Wish you could see the future? You can if you’re managing your finances well. Accountants constantly update cash flow reports to provide more accurate projections for their clients when they ask for progress reports.

Give us a call or send us an email if you’re looking for more advice on how to handle your finances effectively. The Magic team are always willing to share their experience with clients and help their financial status to prosper.

June 2012 Tax Calendar

1st

Corporation Tax_Due date for payment of Corporation Tax for the year ended 31 August 2011

7th

VAT_Due date for April VAT returns (electronic payments)

14th / 21st

EC Sales_Deadline for filing paper monthly returns (21st for online monthly returns)

19th

Construction Industry Scheme_Monthly return due for the period to 5th of this month

19th / 22nd

PAYE/NIC_Pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month. (19th for cheque payments / 22nd for electronic payments)

30th

Company Accounts_Companies House Filing deadline for private company accounts with a year ended 30 September 2011

30th

Corporation Tax_Filing deadline for Corporation Tax Return Form CT600 for the period ended 30 June 2011 to be submitted to HMRC

30th

VAT_Due date for May VAT Returns

May 2012 Tax Calendar

1st

Corporation Tax_Due date for payment of Corporation Tax for the year ended 31 July 2011

1st

Unfiled Tax Return Penalty_ In addition to a £100 fixed penalty there will now be a penalty of £10 a day up to a maximum of £900

7th

VAT_Due date for March VAT returns (electronic payments)

14th / 21st

EC Sales_Deadline for filing paper monthly returns (21st for online monthly returns)

19th

Construction Industry Scheme_Monthly return due for the period to 5th of this month

19th / 22nd

PAYE/NIC_Pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month. (19th for cheque payments / 22nd for electronic payments)

19th / 31st

PAYE Year End_19th is the last day for filing forms P14, P35, P38 and P38A - 2011/12 PAYE returns, without incurring penalties. 31st is the Deadline for issuing P60s to employees for 2011/12

31st

Company Accounts_Companies House Filing deadline for private company accounts with a year ended 31 August 2011

31st

Corporation Tax_Filing deadline for Corporation Tax Return Form CT600 for the period ended 31 May 2011 to be submitted to HMRC

31st

31st VAT_Due date for April VAT Returns

Helpsheets

Tax Treatment of Mobile Phones
Title: Tax Treatment of Mobile Phones ( click)
Caption:
Filename: Tax-Treatment-of-Mobile-Phones.pdf
Size: 211 kB
Taxing Small Business - 2011/12
Title: Taxing Small Business - 2011/12 ( click)
Caption:
Filename: Taxing-Small-Business-2012.pdf
Size: 89 kB