New Goals for a New Year, a reminder to submit your tax return, and how to create a fitter workforce
Today we focus on setting business goals for the New Year, a gentle reminder that HMRC’s deadline for your tax return is only a matter of weeks away, and top tips on helping your workforce to get fitter.
A fresh start: Reviewing your business goals for the New Year
The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s performing, and whether you’re still on track to meet your goals.
Why review your goals now?
Setting goals is one thing – keeping track of them is another. Running a business is often about managing the immediate – urgent emails, pressing deadlines, and day-to-day challenges. Without a clear plan, though, it can be easy to drift away from your bigger goals. This is why it’s so important to intentionally carve out time at the start of the year.
Why not ask yourself:
- Are you meeting your financial targets?
- Have your priorities changed since you first set your goals?
- Are there new opportunities or challenges you need to plan for?
This kind of review isn’t about dwelling on what’s gone wrong; it’s about making sure you’re steering your business in the direction you want to go.
For instance, it can help you clarify what you want to achieve this year. Is it more growth, more stability, or more innovation? It can also help you focus on the areas that truly drive results as well as allow you to prepare for potential problems and have strategies ready to address them.
A word on the role of a budget
Finances often need to be aligned to help you reach your goals. A budget can be an invaluable tool in helping with that.
Even if you’ve never drawn one up before, it’s not as daunting as it might sound. There’s no need to make it complicated. A simple budget can help you understand where your money is going, plan for upcoming expenses, and avoid surprises. Start by reviewing last year’s financial performance and based on that set some realistic income and expenditure targets for the months ahead.
Steps to get started
Here’s how to make the most of this reflective period.
- Review your goals: What were your key objectives last year? Did you meet them? If not, why? Use these insights to refine your goals for the coming year.
- Set SMART objectives: Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, instead of “I want to grow my business,” aim for something like “Increase revenue by 15% by the end of September.”
- Plan for action: Break down your goals into actionable steps. What resources do you need? Who will be responsible? Setting milestones along the way can help you track progress.
- Monitor and adapt: Remember, a plan is only as good as its execution. Regularly review your progress and be willing to adapt it as new challenges and opportunities present themselves.
A resolution worth keeping
January is more than just a fresh start; it’s a chance to be intentional about where your business is headed. Taking the time out for a review of your goals will help to make sure that your efforts are aligned with your ambitions.
Make this the year you take control of your business’s future. With clear goals, a solif plan, and the discipline to follow through, 2025 could be your best year yet.
Christmas tax filing: Getting ahead of the deadline
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline.
In total, 40,072 taxpayers submitted their returns over the Christmas break, proving that even amidst the festive cheer, there’s always time for a little financial housekeeping.
Festive filing highlights
The holiday filing statistics offer a glimpse into the habits of those who opted to tackle their tax obligations during the break:
- Christmas Eve: This was the busiest day, with 23,731 returns filed, as some chose to avoid the chaos of last-minute shopping. The most popular filing hour was 11:00 to 11:59, when 3,458 taxpayers submitted their returns.
- Christmas Day: 368 people filed their returns during the most popular hour of 15:00 to 15:59.
- Boxing Day: 11,932 customers prioritised tax returns over leftover turkey sandwiches, with the busiest hour being 16:00 to 16:59, when 1,108 submissions were made.
Why file early?
Filing early can bring peace of mind knowing that the job is done for another year. However, it can also allow more time for planning how to pay any tax that will be due on January 31st.
If you could do with help filing your tax return or are not sure whether you need to fill one in, give us a call at anytime and we would be happy to help you!
See: https://www.gov.uk/government/news/its-a-self-assessment-wrap-for-40000-festive-filers
Greener flights in 2025
Flights leaving the UK will now be greener due to the Sustainable Aviation Fuel (SAF) Mandate coming into force on January 1st.
For all jet fuel used in flights taking off from the UK in 2025, 2% must be SAF. This percentage will increase by 2 percentage points each year so that it is 10% by 2030 and then 22% by 2040.
SAF is fuel that is sourced sustainably and includes household waste and used cooking oil. According to government provided statistics, fuel sourced from such materials produces an average of 70% less carbon emissions than traditional fossil-based aviation fuel.
Mike Kane, Minister for Aviation, said: “From this moment on, aviation will be a greener, more sustainable form of travel and today marks a significant milestone for the UK SAF industry.”
To read more about the Mandate, see: https://www.gov.uk/government/collections/sustainable-aviation-fuel-saf-mandate
New year resolution: A fitter workforce?
The benefits of exercise on our physical and mental health are well known. The healthier and fitter we are the better we work on our business. A healthier, fitter workforce are also much more likely to be productive and happier. Yet, many of us struggle to find the time or energy to do enough exercise.
The Department of Health and Social Care and the NHS revealed that 8.7 million NHS Couch to 5K runs were completed in 2024, with a total of 790,000 people downloading the NHS fitness app.
The app is designed to help beginners gradually build up to running 5 kilometres. Andrew Gwynne, Public Health Minister, said: “The NHS Couch to 5k app is a great way to get fitter and build sustainable running habits.”
Regular running is a proven way to reduce the risk of long-term illnesses, such as heart disease, type 2 diabetes and stroke. It also helps in maintaining a healthier weight and improving your mood.
Users of the app get a guided commentary from a celebrity coach that they can choose and can track their progress by doing 3 runs a week. Users also receive celebration videos and progress summaries as they complete each running challenge. There is also guidance and support for those who have setbacks.
The app also now features ‘graduation’ content to help motivate people to make running a habit.
Of course, running is not the only form of exercise. Some may prefer cycling, swimming, walking, going to the gym, swimming, or playing sports.
However, regardless of the type of exercise, being able to exercise with someone else or making a commitment to someone else provides extra motivation to persist with an exercise habit. The workplace can be a good source of ‘buddies’ to give that motivation.
In view of the benefits available, could promoting the NHS Couch to 5K app or an exercise club not only help improve your and your staff’s health and well being but also benefit your business?
See: https://www.gov.uk/government/news/record-numbers-complete-nhs-couch-to-5k-app