How you should budget for your tax bill is this week’s podcast theme.  If you are self-employed, a freelancer, run your own business then you have responsibility for your own taxes.

You do not have an employer who takes care of that for you.  When you are self-employed you must keep records, work out your tax profit, complete a tax return and then pay over the tax that is due.  It sounds exhausting and stressful.

Listen to find out more.

How good record keeping helps you keep on top

Firstly, you need to know what you are spending and what you are selling.  Secondly, if you want to know much tax you will pay, you need to know how much profit you are making.  To do that, you need a good record-keeping system.

There is one real option these days, and that’s Cloud Accounting.  Knowledge is power, and that power is unleashed when you embrace the world of Cloud Accounting.  Click here to get our free guide.

In the words of Dee Hock “Making good judgments when one has complete data, facts, and knowledge is not leadership – it’s bookkeeping.”

Your gut feeling for making decisions is important, but gut feeling alone is bonkers.  Facts and good information are what drives effective decision making.  To have good information you need excellent record-keeping systems.

Listen to find out more.

How to calculate how much tax to pay

The amount of tax you pay is based on so many variables.  These include how much profit you make, allowances, reliefs, other income you may have, your personal circumstances.  You get the picture.

In this podcast, I share with you tips on how to do this quickly and easily.

Listen to learn more.

Want to learn more and want a quick and easy way to know how much to pay? Use our free tax calculator, designed for the self-employed and companies?  Get in touch with us to see how we can help you with your accounting and business needs. Press subscribe so you don’t miss an episode of I Hate Numbers.  For more business and finance, news, advice and tips.

In this episode

  • Understanding How you should Budget for your Tax Bill
  • Get some great tips to figure out how much tax to save.
  • Appreciating what part your mindset plays in budgeting for your tax.
  • Being aware of what your tax bill is based on.
  • The importance of keeping good records.
  • Developing your own Numbers confidence and decisions
  • Take more control of your numbers to help make you money, survive and thrive