Year end is tax planning time.

As we approach the end of the year, it is a great time to think about planning for the next year. However the best place to start that process is to get this years situation in order, and part of that is tax planning.

Small business owners know that the inevitable result of making profit is you have to pay tax but you neither have to pay too much nor too early. Now one of the easiest tax strategies available to small business is to calculate your tax on a cash basis. Making this election which you may do once only, will frequently postpone the payment of a chunk of tax.

If you do that, you can increase your saving by paying bills and regular payments early to get them recorded in this year. Part of the training we provide is to help you develop you tax and cash strategies.

Of course, as we think about planning let us ensure we include getting the help and support we need to maximize the effectiveness of our business. All the best for the holiday season, and a fruitful and productive new year.