As a business owner, you’ll naturally reach out to your accountant to organise your tax and finances. That is, after all, their area of expertise. What if we told you there was a deep, dark secret about our profession that you possibly never thought about?
Behold, the Accountant’s Secret Network.
It can be exciting to set up your business as an official company. Some say that a company is a great vehicle to reduce tax liability and help protect you as an individual with its limited liability. However, there is much more to consider when setting up a company entity. Here are three examples of the common mistakes we have come across.
By creating a planned objective for your new business, you can work out how much you need to live the life you want. This is your ‘lifestyle cost’. Here’s how to calculate this figure, what you can do to reduce it, and why it is practical to make this calculation.
Your accounts don’t have to be hard to understand. Understanding the numbers can empower you to make better decisions, period. Here is part 3 and the last of our series: ‘Maximising your accounting information’. This week, we talk about financial reporting and how to make use of your reports.
Here’s a typical conversation I (James) have as a tax advisor:
Client: "James, how do I lower my tax liability? I’m a higher rate taxpayer and my income is taxed at source via payroll.”
Your accounts don’t have to be hard to understand. Understanding the numbers can empower you to make better decisions, period. Here is part 2 of our series: ‘Maximising your accounting information’. This week, we talk about cashflow forecasting efficiently and effectively.