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View tax planning as an ally – Focus on Your Financial Freedom #7

This week we are discussing step 7 in the journey to financial freedom – Don’t fear having to pay taxes.   Just plan for them.

Having to pay taxes means you are running a profitable business so celebrate this fact.

However you do need to ensure that you are, where possible, minimising the taxes you pay as it is a vital cog in the wheel of financial freedom. On its own it won’t make you financially free but it can definitely speed up the process.

So for example these are type of questions you should be asking yourself are (and this list is not exhaustive)

  • What is your long term business strategy?
  • Do you have a tax plan that matches this?
  • Are your non encumbered assets protected?
  • Is your business tax healthy?
  • When was the last tax health check carried out on your business?
  • Have you a separate tax account set up for Revenue payments? If not why not?

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »