If one of your New Year Resolutions is to take control of your finances, why not start by penning those all important due dates in your diary? It’s not just personal tax return deadlines that need to be remembered – many other due payments can run up costly interest if forgotten…
Companies House are incredibly strict when it comes to late payment, with fines being as much as £300 for only two missed payments. If you have company reports or annual returns to be filed for your business or organisation, check out the Companies House website and work out when they’re due. Make a note a couple of weeks in advance so you know you won’t miss the deadline. Credit card bill late fees are also one to avoid. The interest on missing a payment can be very costly but this can easily be solved by setting up a variable direct debit, or alternatively getting into the habit of paying on the same day every month.
“Free trial” offers are always good to remember, as well as “no payments until…” offers. Many people take up offers on services with the goal of cancelling once the free trial is over, however it’s crucial to remember when this end date is! Otherwise, you could be charged for a service you don’t want. Similarly, if you have bought something which promised “no payments until…” make a note of when you will start paying. It’s important to make sure you have a little bit extra to go out that month so consider re-evaluating your in-coming and outgoing costs the month before.
If you’re a small business owner, it’s also a good idea to keep an eye on essentials like insurance and warranties. Make a note of any products which have warranties so you know you’re covered and don’t end up paying out again for a new one. This is especially important with technology such as tills, scanners and computers as these are too expensive to simply replace every time there is a problem, as well as being crucial to any business. Similarly, it’s a good idea to ensure you’re covered with your insurance. Check regularly that you still meet the conditions of your insurance, whether this is age, shop size or stock. If you no longer qualify, it is usually down to you to notify your insurer. Otherwise, you could continue to pay, but the company may not pay out should you need to make a claim.
Often, many of these dates get stored away and forgotten in emails, only remembered when it’s too late, so it’s helpful to spend some time at the start of the year making a physical note of them, be it on a calendar or in a diary. Alternatively, hiring a chartered management accountant to take care of important financial matters, whether it be for you or your business, could be the solution. Hiring an accountant from one of the leading practices in the North West to remember the important 2014 finance dates for you could save you time and energy in the new year. Contact MCC today on 0161 707 1500 or drop us a line via our website.