Companies all over the UK are getting ready for Small Business Saturday for the second consecutive year. On 6th December 2014, the spotlight will be firmly placed on small businesses, encouraging shoppers to trade with independent businesses rather than the larger chain companies.
Small Business Saturday is supported by politicians and a number of celebrities, some of whom will be helping out on the day. In 2013, 40 per cent of local authorities supported the day, while the organiser of the event, Michelle Ovens, believes that 100 per cent may give their support this year. The day will focus on the 4.9 million small and medium-sized businesses in the UK, with support from the Northern Ireland Independent Retail Trade Association and the Federation of Small Businesses, among other organisations.
A bus tour commenced on Monday, 17th November and is travelling around the UK, promoting the event. Small businesses are being urged to maximise opportunities on the day itself, especially as last year, small companies earned around £460 million.
Small Business Saturday initially launched in the US and is now in its fifth year of operation in the States. Independent traders in the US realised $5.7bn (£3.6bn) on the day, as consumers switched allegiances to smaller enterprises.
Here are some ways that a small business accountant can help out on the day
A reputable accountant will help a small business owner maintain a healthy cash flow, with income and expenditure fully accounted for. A small investment may be required on Small Business Saturday to pay for extra merchandise, marketing materials, and any other last-minute expenses. Rather than have to borrow finance to invest in the event, you will have the necessary capital available. A small investment on the day will reap long-term rewards.
An accountant will make sure that you claim all eligible expenses incurred on the day, maximising profits. While you are spending time preparing for the event, your accountant will be working hard to keep a check on your business records, income and expenditure so that you only pay the tax that’s actually due.
Preparation for the event and the day itself will probably take up most of your time, which is why you need an accountant to maintain the business records. After all, HMRC could call at any time to arrange a random check of your records, charging a penalty for inaccuracies or incomplete data.
Perhaps you took part in last year’s Small Business Saturday. If so, let us know how it benefited your business! If you require advice on any issues leading up to the event, call us here at The Accountancy Partnership.
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We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!