What is your Profit for Tax is this week’s I Hate Numbers podcast theme. Last week we looked at how you should budget for your tax bill.
Firstly, your money in your bank account is not the same as your tax profit. Secondly, your accounting profit is not the same as your tax profit. However, they are both important numbers. It may sound confusing.
Listen to find out more.
In the words of Mark Twain "I shall never use profanity except in discussing house rent and taxes."
Firstly, when you look at how your business is performing, then profit is still a key financial measure. Secondly, you consider what you are doing to generate and earn those profits.
For example, money invested and spent on training, equipment looking after your customers and suppliers will all be relevant.
The tax authorities in the UK look at things differently. They are not entirely interested in how your business is performing. It’s tax they want to collect, and they have a different rule book to go by.
In this podcast I showcase some examples.
Listen to find out more.
Tax is an expense, and it is one you need to plan for an be aware of. How you calculate it is what we looked at last week.
In conclusion the numbers are easier to get your head around, once you know the reasoning. Let me tell you, there is reasoning,
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
Links
https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288
https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers
https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins
https://www.stitcher.com/podcast/proactiveresolutionss-podcast
