By Talan Archbold, Accountant at Hive Business
Here we go again: Another January, another tax bill. Have you entered 2018 slightly dreading making that payment on the 31st? Or maybe the question to ask is: are you entering 2018 having even prepared your 2016/17 tax return?
If the answer to either (or both!) of the above questions is “no”, maybe 2018 is the year for a change.
We understand how difficult it can be as a dentist to lift your head and think about the big picture when you live life with half a mind on your next half-yearly tax bill (especially when the job itself is so demanding). We also know how hard it can be to climb out of that short-term thinking – but this is the time of year for optimism.
Why not make the resolution that 2018 will be the year in which you get back in control of your business? That response can take many forms, for example:
1. Engaging with someone to look at your tax strategy in detail. High tax bills can arise due to circumstances which could have been avoided with proactive advice, for example to correct an inefficient business structure.
2. Taking another look at your marketing plan for 2018. There could be an opportunity for growth in your area which you have not yet tapped into.
3. Getting more organised – Many of you may be focused on your 2016/17 tax bill coming up, but note that we only have just under 3 months of 2017/18 left! Now is the time to think about whether there is anything you can do to make this time next year smoother.
One final thing to remember – you are not alone. Your accountant, marketing company, business advisors are all people who should be able to help with this or at least should be able to pass you on to someone who can help.
Hive can help you stick to your business New Year’s Resolutions. If you are struggling to assess your business and accelerate forward in 2018 or you feel you’ve lost control of your business, get in touch and find out more about our Diagnostic Day. It could be just what you and your business need to start this year with a clear, positive vision. Call 01872 300232 or email [email protected].
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