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Tax: Tax impacts your cashflow Posted on January 21, 2020
The End-of-Financial-Year seems ages away, but for small businesses, early tax planning is an important part of managing your cashflow.
Tax planning is not difficult. The benefits will cut down the amount of time you spend on tax, and therefore relieve you to do more valuable things for your business growth or personal finance.
- Calendarise your due dates – know when you are due to submit your taxes and carve out time beforehand for review.
- Structure your cash – keep your tax money separate to your other funds. That way, you never consider it to be your money.
- Get the right help. Your tax structure should be reviewed by an industry professional to ensure you’re paying the tax you need to. Once you’re set-up, review is just as important as planning.
The right tax structure and habits will ensure your cashflow isn’t interrupted by the tax bill.