Keeping aside enough tax in first year of business tip

Keeping aside enough tax in first year of business tip

When you are new to business it is vital you keep some of your profits aside to pay one of your biggest expenses – tax.

How much should I keep aside? Firstly, we recommend keeping an idea of your profit. Then keeping at least 30% of your profit as a privison for your tax bill when you do the tax return at the end of the year. It may not be quite enough or too much, but at least it is much better than nothing at all.

Of course, if you are new to business get some new business tax advice as this is a great way to get your business off to a good start.

Watch our quick video for a quick lesson.