ARE YOU SAVING TO MEET FUTURE TAX PAYMENTS?
Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief.
As most accounts software packages do not allow for these tax liabilities on a month-by-month basis, there’s a temptation to see any cash balances as available for spending. In reality they are needed to help fund future tax payments. Don’t put off creating realistic reserves. We are happy to discuss.
For more see our blog.