How To Deal With The Dreaded “T” Word As An Entrepreneur
I hit a massive milestone in my business last month.
I passed the UK VAT threshold and joined the top 20% of businesses in the UK making more than £85,000 in revenue.
And I’ll pass the £100,000 mark before the end of the financial year.
But here’s the interesting thing…
I once interviewed a potential new accountant who was ACTIVELY encouraging me to avoid making more than £85,000.
She wasn’t the accountant for me, but it showed how the fear of paying tax LIMITS our income as business owners.
- You worry about having to pay something that feels unclear
- You worry about having to charge clients more
- You worry about getting your tax return wrong
And you begrudge having to pay more for being more successful!!
You unconsciously avoid making more money!
It’s no wonder only 20% of businesses make more than £85K in the UK!
If you’re worried about tax and it’s keeping you playing small, here’s my top tips:
1. Know that if you can figure out how to make money in your business, you can figure out how to pay tax too! You got this!
2. Get smart about the tax system in your country and invest in a decent accountant you can trust (and who can help you be as tax efficient as possible!)
3. Pay tax with pride and see your bigger tax bill as a sign of your success
4. Find gratitude for the public services your tax pays for
Which one of these will you implement for yourself?