Is TAX bill shocking news for you?
Taxes should never ever be a reason for a company to go into trouble in the first place.
By listening to our advice rather than submitting to the shock, our customers are prepared.
Integrating taxes into their weekly budgeting and cash flow, our customers live with less stress. Please comment if I need to be corrected!
They can focus on growth and stability, demonstrating the power of a well-executed financial plan.
VAT, for example, is not even included in profit and loss! Corporation tax is paid off the profits, and PAYE and CIS are taken from employees’ wages. Employer NI and Pension needs to be budgeted for.
Do you include in your forecast the quarterly and yearly taxes, such as VAT, CIS, Paye and Corporation Tax?
Doing this has many benefits:
• Including taxes in your planning reduces stress
• Consistent contributions create reserves, mitigating financial strains
• Timely tax payments demonstrate compliance and provide a sense of assurance.
• Estimating annual tax liabilities into manageable weekly or monthly provisions protects your business from going bust
• A robust cash flow plan incorporating tax considerations empowers your business
Prevail Accountancy are experts in the field.
With 19 years of experience within the Construction Sector, we can help you with project cashflow management.
Contact us today on 01706 550 825 or email email@example.com.