Money Management Episode 5: Taxes
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Shaz shares great advice about the importance of having a sub-account where you regularly deposit money that is for taxes.
\\nIf you want to make sure you have the money you need for taxes in your business then ring-fencing it in a sub-account is the best way to achieve this.
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KEY TAKEAWAYS
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- It’s very important to have a sub-account for taxes. \\n
- Whenever you have money coming in, put aside the money for taxes. \\n
- There is VAT to pay and corporation tax if you are a limited company. \\n
- If you employ people you will need to account for PAYE and NI payments. \\n
- There are also wider taxes such as council tax. \\n
- Regularly review the taxes you pay to make sure you are claiming any reliefs due. \\n
- Talk to a tax expert to make sure you are forward planning. \\n
- Have a separate account and put the tax money in it. \\n
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BEST MOMENTS
\\n‘If you ringfence the tax money you know it’s not yours’
\\n‘It’s worth having a sub-account’
\\n‘If you are in business and making a profit you will be paying tax’
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VALUABLE RESOURCES
\\nshaz@aaa-accountants.co.uk
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ABOUT THE HOST
\\nShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
\\nShaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
\\nHe is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
\\nYou can find Shaz on:
\\nThis show was brought to you by Progressive Media
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