• Sandra Foreman

Micro business tax and accounting overwhelm?- 3 practical solutions to help

A YouGov 2015 survey reported that well over half million UK micro businesses are anxious about their accounting and tax responsibilities. This anxiety causes missed tax filing deadlines which then incurs fines. In our information frenzy world it is not too difficult to run into overwhelm. Bombarded by at least fifty emails a day and the increase in online adverts plus the convenience and the lure of social media all add to the overwhelm. If you are one of these micro businesses then read on to find out three solutions you can implement.

  1. Plan to work. We all know we should plan but often find it hard to stick to the plan. It comes down to making the decision – plan to do the action. The act of planning puts you in control of your time and resources. It means that whatever the outcome at the end of your working day you are fully on board with what you accomplished and what you have yet to do. Planning means prioritising – putting high on your list tasks that you value over others. There may be monetary or other altruistic reasons for giving these tasks high priority, but putting them high on the list will ensure they get done in a timely fashion.

  2. Get help. Getting help does not have to cost you too much, if anything. This needs to be thought through properly to reduce your time costs and any real costs involved. Grabbing the first offer of help may not be the most cost effective since this may cost your time in having to redo the work. Start by writing down the help options available and their respective costs. Talk to someone about it and then short list your options making sure you factor in contingency if the help does not work. Where help will cost money check that you are getting value for money and that the time saved and money paid by you not doing the work is more than compensated by higher income generation from your business.

  3. Take time off. This is perhaps the most difficult of this three-part solution. Our information led, social media fed world seem to have generated more to do than any other age. Whist surfing the web and social media may be a form of rest and relaxation for many and for others “another thing to do”, the decision of what constitutes rests is very much an individual one but again needs conscious deliberate planning. Getting the right perspective on what rest means for you will make rest more achievable and worthwhile.

Thinking about deadlines that are both externally and personally imposed and the consequences of meeting or not meeting these deadlines would be a good place to start in implementing these three simple solutions. A good analysis of these will reveal that some of these deadlines can be planned in such away that gives you time for rest. In other words you don’t have to do it now. Having a visual aid such as time line may help. You can access my free time line and start putting overwhelm behind you!

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