I do not know how to deal with taxes - 44/101 Entrepreneur Questions and Answers
This is an except from my book: 101 Entrepreneur Questions and Answers.Don't be too worried: just get an accountant. I just goggled "Accountant Wolverhampton" (where I live) and I found a few. I was confident that they were skilled and knew what they were talking about, but I was rather naive in picking an accountant, as I went for the one with the nicest office and best car park- but I still think I chose rather well and proficiently.This is why it may also be worthwhile having an accountant because this way you can give him all your accounts to him and he will figure out how much money you owe the government in taxes, thus leveraging his talent and abilities and essentially outsourcing that task to him.Furthermore the more tax you got to pay just means the more money you've made and the more success you have had. Provided you don't go crazy when you spend all the money, because you may struggle to pay the taxes at the end of the fiscal year.As I was worried about how much tax I'd have to spend, I was reassured by my accountant that if put aside 10% of the income in a bank account to pay for the taxes, then I'd be fine.Here in the UK: HMRC try to help you with regards to paying your taxes, as the taxman always wants to make it as easy as possible for you to pay him, no doubt this is the same where you live. The government wants you to pay their taxes and this should be one of your least concerns, because you want to think about growing your business more than you think about your taxes.Furthermore, an accountant has a unbiased opinion towards you and your activities, and can review your performance in order to figure out what it is you are doing wrong, or what it is you can do instead. In New Year's 2016/7 I was informed by my accountant that I need to focus on things that are producing better and bigger results that can be scaled.Question of the day: How worried about taxes are you?
Published on October 03, 2017 17:41
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