5 Simple Time Management Strategies To Increase Productivity & Accelerate Your Growth

One thing that constantly amazes me is how quickly each year passes. The days, weeks and months seem to roll into one, and before you know it 6 months has passed. You’re left wondering ‘where did the time go?’

Now that’s okay as long as you plan your year out. However, most people spend more time planning their holidays than planning THEIR YEAR AHEAD.

If you plan  -  you get more done, much more done. If you fail to plan and set goals it’s surprising how little you’ll accomplish.

All the high achievers and successful people in this world identify planning and goal-setting as a major contributor to their success.

Why? Because in addition to giving them a clear roadmap, it also helps them plan their daily/weekly/monthly schedules and with effective management of time it enables them to get a huge amount of work done.

For example, many people who have observed me will say ‘how does Steve get so much done?’ It’s true, I get more done in a day than most do in a week. It takes discipline, but there are some proven tricks and strategies I use to achieve very high levels of productivity and that’s what I want to talk to you about today.

Effective time management is something that isn’t often associated with growing a business, but effective management of your time is a very potent weapon (and conversely poor management of time can be a real business growth inhibitor).

The good news is that it’s not that difficult to massively improve your output if you follow my simple ‘5 Key Time Management Tips For High Performers’. Like everything I will discuss with you in this newsletter, none of these things are difficult or even earth-shattering, but they do make a significant difference as long as you start using them! So here are my key Time Management Tips…

 

Proven Strategies To Help You Build A Better Business

 

Implement these Time Management strategies & create more time to get stuff done!

1. Planning: 

Plan each month and then each week and then each day based on your goals. The key here is to establish what you need to do each month to accomplish your goals. Then break these tasks down to weekly and then daily tasks. You must always prioritise these ‘goal orientated tasks’ above ‘general tasks’. You’re probably thinking—this will take a lot of thought and time to plan out. You’re right. It does. That’s why so few people do it. That’s why so few people succeed in life. Do not underestimate the power of carrying out this first step—it is the key to your success.

 

2. Work During Your High Performance Times: 

You’ll get much more done in times when your body is alert and active. For many this time is 6am-1pm and 8pm-11pm (but you’ll know when you’re at your best). The worst times are generally after eating! It’s during these high performance times you should carry out your ‘Goal Orientated Tasks’. This one step alone will improve your output significantly—so make sure you only allocate this time to the important tasks! Use the less productive times for ‘general tasks’ and meetings. Here’s why…
 

(1) Since our minds are more active and fresh we can get more done.
(2) Concentrating on the task at hand is much easier.
(3) Our creative juices are flowing when our minds are more active and alert.

 

3. Block Out Your High Performance Times: 

Next make sure you block out your high performance times and under no circumstances let other things get in the way. Again this is key to your success. Treat your high performance times as compulsory appointments (in other words, you can’t cancel them). If you have a secretary or P.A. make sure they understand these ‘appointments’ are never to be broken and replaced with anything else.

 

4. Resist All Distractions:

During your high performance times turn off your mobile, take your office phone off the hook and don’t open your e-mail programme. Even one interruption can set you back an extra 15-30 minutes not including the time of the interruption. This does take a high level of discipline. In the early days you will find the temptation of leaving your phone or email programme on hard to resist, but I promise you, this will slash your effectiveness by at least 50%. Once you force yourself to reduce your distractions to zero, you’ll find it very liberating!

 

5. Tell Staff (and family):

You must explain to staff and family that unless it’s an emergency you are not to be disturbed during your high performance times. 

By adhering to these 5 key time management tips I guarantee you’ll get so much more done. This translates to greater income and more success—worthy outcomes don’t you think?

Subscribe to Our monthly newsletter that is crammed full of easy-to-apply business building strategies similar to this. Make sure you don't miss a hint on Business Strategies.

HMRC Task Forces Launched September 2013!

HMRC announced 4 new task forces that will investigate tax evasion in specific commercial and geographical sectors. The task forces bring together various compliance and enforcement teams for what they term “intensive bursts of targeted activity”.

The new task forces will investigate the following:

•    Construction industry in London (expecting to raise £3 million)

•    Security guards, bouncers and their employers in London and the South East (expecting to raise £10 million, with fraudulent VAT repayment claims identified as an increased risk in this sector)

•    Second-hand motor traders in the Midlands (expecting to raise £3 million)

•    Hidden wealth / “means” issues in the Midlands (also expecting to raise £3 million from comparing lifestyles to known assets)

If you know anyone involved in the above sectors who are having tax concerns, please ask them to contact us at 020 89310165 for advice!

Mortgage Market Review 2014

Significant changes have come into effect as a result of the Mortgage Market Review (MMR).  Tougher mortgage rules mean that lenders will have to carry out detailed checks on a borrower’s spending and stress-test ability to pay if interest rates go up. 

The changes came into force from 26th April 2014 and for borrowers mean that they will have to account for all outgoings.  They will face additional questions focused on imminent changes to their lives which will need to be backed up with evidence.

FCA Mortgage Market Review 2014

The regulator behind the new rules, the Financial Conduct Authority (FCA), said they would "hardwire common sense into the mortgage market", and prevent a return to irresponsible lending that took place in the run-up to the credit crisis.

APJ Accountancy comments:

“Some lenders adopted the rules earlier this month, but the changes will mean that anyone who applied for an agreement in principle on a loan several weeks ago, or who has applied for a mortgage and wants to make a material change - perhaps borrowing more – will have to start the application process from scratch.”

For further information, please contact us at 020 89310165
 
We are a team of Chartered Certified Accountant regulated and monitored by The Association of Chartered Certified Accountants (ACCA).

FRS 102 - New Accounting Standard!

FRS 102 - New Accounting Standard for year ends commencing on or after 1 January 2015

On 14 March 2013, the Financial Reporting Council (FRC) published FRS 102 – the Financial Reporting Standard applicable in the UK and Ireland.  The adoption of FRS 102 will affect all businesses.

Source : https://www.frc.org.uk

This FRS aims to provide entities with succinct financial reporting requirements. The requirements in this FRS are based on the International Accounting Standards Board’s (IASB) International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued in 2009.

It means that there will be several changes to the way a business’s accounts are prepared and there are a lot of issues that business owners must consider in advance of the 1 January, specifically you may need to change some or all of your accounting policies.

FRS 102 also requires comparative amounts shown in accounts and this will involve careful consideration before finalising your next set of accounts.

The standard can be downloaded from:
www.frc.org.uk

For more information on the FRS 102 or to discuss the implications, please contact us at ☎☎ 020 89310165 ☎☎

12 Key Points from Budget 2014!

The Chancellor’s 2014 Budget was clearly aimed at winning the votes of savers, pensioners and those paying for expensive childcare. Increases in ISA limits, a £5,000 zero rate band on savings income, more flexible pension drawdown rules and an increase in the proposed childcare tax relief to £2,000 reflect this goal. There was also good news for businesses with the extension of the Annual Investment Allowance until 31 December 2015 and an increase in the qualifying spend up to £500,000 from April 2014.

George Osborne - Chancellor's Budget 2014

1. Personal Allowances

Personal allowances are fixed for 2014/15 at £10,000, the level promised in the Coalition Agreement. However, the Budget announced that there will be a further (above inflation) increase to £10,500 for 2015/16, in line with the allowance currently available to taxpayers aged 65 to 74. Those aged 75 and over will continue to receive a personal allowance of £10,660. Note that if adjusted net income exceeds £100,000, the personal allowance is reduced by £1 for every £2 over £100,000. This gives an effective rate of 60% on income between £100,000 and £120,000 for 2014/15. Contact us for planning advice to avoid this 60% rate.

2. Income Tax Bands
The 20% basic rate band is £31,865 for 2014/15 and will be £31,785 for 2015/16. This means that you pay 40% tax if your taxable income exceeds £41,865 for 2014/15 and £42,285 for 2015/16.
The 45% top rate continues to apply to taxable income over £150,000 for 2014/15.

3. Important Changes To ISAs
In order to encourage savers, the current £11,520 ISA limit is to be significantly increased to £15,000 from 1 July 2014. Furthermore, the current 50% cash ISA limit of £5,760 is to be abolished so that any combination of cash and stocks and shares can be held within the ISA wrapper up to the overall £15,000 limit. These products will be termed “New ISAs” or NISAs. The Junior ISA limit will increase to £4,000 from 1 July 2014.

4. More Good News For Savers
The 10% starting rate will apply to the first £2,880 of savings income for 2014/15. However, this rate will be abolished and replaced with a zero rate on the first £5,000 of savings income from 2015/16 onwards.

5. Capital Taxes
It had already been announced that the CGT annual exempt amount would increase to £11,000 for 2014/15 and £11,100 for 2015/16. With a top CGT rate of 28%, this allowance potentially saves just over £3,000 a year, or £6,000 for a married couple.

There has been no change in the inheritance tax nil rate band, which remains at £325,000 until 2018.
Please contact us if you wish to discuss capital gains tax and inheritance tax planning, as we can help you take advantage of these valuable allowances.

The only significant change to inheritance tax is the proposed extension in the exemption that applies to the military who die on active service to those in the emergency services.

6. New Flexible Pensions
There are significant changes being proposed which will make it easier to access your pension fund pot if you have a defined contribution (money purchase) pension scheme. As a general rule, 25% of the pension fund can be taken as a tax free lump sum at age 55, although this age will be increased in future to be 10 years before State Pension age (age 57 in 2028). Remember also that the requirement to buy an annuity at age 75 had already been abolished with the introduction of “flexible drawdown” pensions that are currently available.

From 27 March 2014 the Government have increased the maximum amount you can take out each year from a capped drawdown arrangement from 120% to 150% of an equivalent annuity. For example, if the equivalent annuity rate is 6%, then up to 9% of the fund can now be drawn down each year. This is in response to concerns about low annuity rates which are linked to savings rates.
The Government has published a consultation document to consider proposals to make the drawdown rules even more flexible from April 2015. This would allow you to withdraw more than the current 25% of the fund limit, subject to a tax charge. This charge would be at your marginal tax rate instead of the current penal 55% charge on the fund.

The other significant change being consulted on is the proposal to reduce the current limit of £20,000 guaranteed pension income to just £12,000 a year. Those with this level of guaranteed pension income will be able to draw as much or as little as they wish from their pension fund each year without the 150% of equivalent annuity rule applying.

7. Corporation Tax Reductions
From 1 April 2014 to 31 March 2015, the main rate of corporation tax is 21% where a company’s profits exceed £1,500,000 (divided by companies under common control). The 20% small profits rate continues to apply to companies with profits up to £300,000 (also divided as above). As previously announced, a single corporation tax rate of 20% will apply from April 2015 whatever your level of profits.

8. Annual Investment Allowance Increased To £500,000
The Annual Investment Allowance (AIA) provides a 100% tax write off for the cost of most plant and machinery acquired by businesses, a notable exception being motor cars. This allowance was temporarily increased to £250,000 on 1 January 2013 and was due to reduce back down to just £25,000 on 1 January 2015. The Chancellor has announced that the allowance will be increased to £500,000 per annum for expenditure incurred between 1 April 2014 and 31 December 2015 (the change takes effect from 6 April 2014 for unincorporated businesses). Remember that the AIA is available for assets bought on hire purchase as well as those bought for cash. It can also be claimed in respect of fixtures and fittings within buildings. Contact us to help you maximise tax relief for capital expenditure, as the timing of expenditure can be critical.

9. R&D Tax Credit Rate Increased
Companies that are small and medium sized enterprises (SMEs) carrying out qualifying research and development can currently claim a corporation tax deduction of 225% of their qualifying spend. This means that £100,000 spend would result in a £225,000 reduction in taxable profits, potentially saving £45,000 corporation tax (at 20%). However, if the company is loss making this benefit may not be received until future years when profits are made. In order to improve the cash flow of these loss- making SMEs, the tax rules allow the company to surrender the loss attributable to the enhanced R&D spend for a tax refund. This has been increased from 11% to 14.5% with effect from 1 April 2014. So the £225,000 (based on £100,000 spend) would result in a refund of £32,625. Contact us if you would like to discuss whether your company could qualify for R&D tax relief.

10. New Tax-Free Childcare Scheme
This new scheme, which starts in Autumn 2015, was originally announced in 2013 as being worth up to £1,200 per child. It has now been announced that the Government support will be even more generous with the limit being increased to £2,000 per child per year. The parents will be required to open a special childcare account. If for example they pay in £8,000, the Government will top this up to £10,000 (like pension contributions and Gift Aid) which can then be used to pay their childcare provider. It is not just parents who will be able to pay into the childcare account but grandparents and other family members will also be able to contribute to the childcare costs. To qualify, both parents will have to be in work, earning just over an average of £50 a week and not more than £150,000 per year.

Unlike the existing employer-provided childcare voucher scheme which is only available to employees and directors, this new scheme will also be available to the self-employed. Those in existing employer provided schemes have the option of staying in their employer scheme (up to £55 a week free of tax and NIC) or switching to the new scheme. To support newly self-employed parents, the government is introducing a ‘start-up’ period. During this, self-employed parents won’t have to earn the £50 a week minimum income.
It was originally proposed that the new scheme would be phased in, initially only applying to children under 5 and gradually extended to those under 12. It is now proposed that children under 12 will be eligible from the outset. If your circumstances change or you no longer want to pay into the account, you’ll be able to withdraw the money you have built up. If you do, the Government will withdraw its corresponding contribution.

11. Vat Registration Limit £81,000
The VAT registration limit has been increased by £2,000 to £81,000 from 1 April 2014. The de-registration limit also increased by £2,000 to £79,000.

12. Seed Eis Relief To Be Permanent
Seed EIS was introduced in 2012/13 to provide tax relief for individuals investing in small start-up companies and was originally scheduled to end on 5 April 2017. It was announced in the Budget that the generous tax breaks would now be made permanent:
- A 50% tax reducer on up to £100,000 invested each tax year
- A 50p reduction in capital gains made for every £1 qualifying Seed EIS investmen


Contact us if you need advice on these and other tax-efficient investments.
 
Stay tuned to our blog for more UK Accounting news and information.