The Dos and Donts of using Social Media

By using social media you have a fantastic platform to promote your business but there are right and wrong ways to go about it. First of all remember your professional ethics, never write bad comments about your rivals or competitors, don't let any envy come across or readers will view your posts with contempt, just remain positive about yourself. When posting it is all too easy to get distracted and get involved in online chats or debates, if you do, make an excuse and get out fast, you have work to do. Another factor which can be off putting is too much self promotion, by all means tell people what you are doing, tell them about your product or brand but keep the content topical, post news about anything new you may be doing, i.e. networking, training, business trips etc. and try to make it interesting. Be helpful too, if someone needs something and you haven't got it tell them about someone who has if you know that person, if you recommend you will be recommended too. We must point out that it is really important that you don't copy anyone else's texts unless you have their permission. By all means check out what your competitors are posting, if they are successful watch what they post and learn from them, just remember your own personality has to shine through and always be positive and motivated, this will make people want to read what you are doing or planning today. Use your content wisely to get your marketing messages out to the world, social media is such an important tool so post carefully.

HAVE YOU MISSED THE TAX RETURN DEADLINE?

If you are one of the estimated one million who still don't have their tax affairs in order (the deadline was Thursday 2 February)you may well be slapped with a heavy fine. HMRC will fine you £100.00 for the first late day, so if you still haven't submitted your return whether or not you owe them money you definitely owe them this.

After three months of being late you will be charged £900.00, this is a £10.00 daily charge for up to 90 days. After six months you will have to pay another £300.00 and by January next year another £300.00 will be added. So you could end up owing £1600.00 even if you have no tax to pay.

If your return is still lying in your in tray what can you do? HMRC is quite tough on people who have missed the deadline and rarely accept excuses.

The usual excuses of blaming your accountant or saying it got lost in the post will not be accepted.

If you have a genuine reason then you must give them evidence such as a doctor's note or a report by a technician to prove that your computer really crashed.

So if you have a legitimate excuse make sure that you can back it up or get your return in today. businessgrowthnow.co.uk

Fraud in the workplace

No matter how much you trust your employees some can slip up and quite innocently cause massive headaches from time to time. Last year, according to CIFAS, the UK's Fraud Prevention Service, 236,500 members were victims of fraud - that figure is only their members, there are many more. So how do we avoid rip-offs? The most common fraud is still identity theft and last year alone cases escalated by 10%. In this case fraudsters use your ID for financial gain by obtaining credit, making purchases or using services which you will have to pay for. Once they have got hold of your details they go on to take out mortgages, have holidays and spend, spend, spend and the cost to you could be crippling to say the least. It gives them complete control of your finances and your business and there are ways to protect yourself. Make sure that you have a shredder in the office, bin nothing with your details on it. and make sure that your staff know that they should never, ever give your bank or personal details over the phone no matter how charming the caller may be. Some frauders call claiming to be from the bank or they send emails asking for information so make sure that they know that banks don't operate this way. If you move business premises make sure that your mail is redirected and be careful if the post is left in a communal area where anyone can pick it up. The fraudsters goals are always the same - impersonating someone, hijacking accounts and using others as a front for money laundering (they claim that you are owed a lot of money to get your bank details). It is a good idea to make your staff aware of this because they could become victims too.

TAX RETURNS 2012 - Staff Strike

The good news for some of us this morning is that should you file that dreaded tax return a day late you will not be penalised by HMRC.

HMRC allegedly plans to outsource work to private companies and staff are planning to strike on Tuesday, January 31st.

So, if you find you have a technical problem on the 31st you will be unable to contact them and this will be a "reasonable excuse" for failing to file your returns by the deadline.

You will have to appeal the fine however and state on their form that you tried to contact them but couldn't. This would leave you Wednesday to do it but any later than that and you will definitely be fined.

Today it is estimated that around 2.7 million people have still not filed their returns and an estimated 90,000 will have queries on Tuesday (this figure is based on the average number of callers in recent years).

Even if you have nothing to pay HMRC insists that you too file a return on time or face the consquences of a heavy fine. It is best to make sure you deal with this right away if you haven't submitted your returns yet, there is always a possibility that the strike will be called off.

businessgrowthnow.co.uk

1 in 4 small business owners thinking of taking up paid employment again

A report by insurers Aviva claims that one in four small business owners are thinking of taking up paid employment again as the UK slips into a double dip recession. Many are losing their enthusiasm because of the bleak financial climate and are earning no more than an average employee.

The prospects of a steady wage and paid holidays are tempting them to give up their own businesses due to financial worries and red tape. This is causing the Government who are publishing official figures tomorrow a real headache.

Unemployment figures will continue to rise, last year 67,000 public sector workers were made redundant while only 5,000 jobs were created by private businesses. It would seem that the economy and Government legislation is killing the entreprenurial spirit and causing some small business owners to just give up.

Having been your own boss for so long could you cope with having one of your own again? Small existing businesses need help and if they close there will be even more people living on benefits.

If you find yourself struggling contact our team at Business Growth Now for advice and support. Giving up is not an option. Business Growth Now

COINING IT IN - Businesses affected by new, thicker coins

This spring many businesses may be affected by the introduction of new, thicker coins which will be made of steel as opposed to the current ones which are made of 75% copper and 25% nickel.

An industry body has warned that all Council meters will have to be renewed or replaced. Despite the fact that the new coins will be the same size as the existing ones, Glasgow and Edinburgh City Council will be unable to accept them and concern is growing that they will not be able to meet the cost of replacing meters and payphones.

The introduction of the new coins was planned for last year but was delayed because pay by coin machinery would not function and would cause chaos for business owners and their employees.

We can only hope that it will be delayed again, it would be cheaper to produce the new coins but the cost to commuters, snack machine owners and even bus companies could be very, very high.

ARE YOUR DEBTS OUT OF HAND?

January is always the most depressing month of the year. With the festive season behind us many of us have to get a grip on our finances and if we are in debt how do we borrow without making matters worse?

Try not to use credit unless you are absolutely sure you can pay the money back and never take out a crippling payday loan. If you switch your bank account to Santander or HSBC who are currently running promotions you can have an interest free overdraft for 12 months for small amounts from £200.00 - £500.00. For larger amounts of £500.00+ to a few thousand a 0% purchase credit card is ideal for borrowing without paying any interest.

If you are aiming higher and need £5,000.00 - £15,000.00 avoid credit cards and take out an unsecured loan which will grant you fixed repayments over a set period of time.

Whatever you do please remember that APRs offered by loan companies only apply if you have an excellent credit rating, if you haven't the interest rate is normally higher and you will have to pay back more.

A last resort, if you own your own home, is to remortgage the property and it is always a good idea to check the internet for fee-free brokers before you do.

Whatever you do be careful, it's not long until Christmas again.