You might think that I have taken leave of my senses with a headline like that after all which of us wants to give away more of our hard earned cash to the Government? I remember being 19 and moaning to my Dad about how much of my salary was going in tax and his response was, ‘I remember when I wanted to earn enough money to be liable for tax’. It made me think. There are still many people bringing up families on salaries that are not high enough for them to pay tax. I’m sure many of them would echo my Dad’s sentiments.
As ambitious business owners we should all want to make more money and of course that probably means paying more tax. Here in the UK we have until the 31st January to complete our tax returns and pay any outstanding amounts. It’s at this time that we are forced to confront the profitability of our businesses in the last tax year. Most micro business owners that I’ve spoken to are disappointed when they realise how little money they have made. I know I am. So what are we going to do about it?
Plan for the future
If we carry on doing what we’ve been doing we can’t expect next year’s results to be significantly different to this year’s. So we need to make a plan. We need to scrutinise our figures to work out what is working well and what needs to do better or be dropped. We need to think of new ways to make money. We need to set targets.
It’s hard to believe that we’re almost at the end of January and yet several people I know are struggling really to get going after the festive break. I know I’m not up to full speed yet. However if we don’t get a move on it will be time for our summer holidays and we still won’t have made the shifts that our businesses need to make more money. Then we’ll be in the run up to Christmas and we’ll be filling in another disappointing tax return.
I have set aside a regular time in my diary to work on making and implementing a plan to make more money this year so that, come this time next year, I will owe the tax authorities more money. Will you join me?
If you would like some help to find ways to make more money in your business book yourself on to one of my free 30 minute, no obligation, consultations and let’s start the ball rolling. And when you’ve made more profits I can recommend an accountant who will make sure that you don’t pay a penny more in tax than you absolutely need to!