Don’t let it come back and bite you in the ….
How has everyone been finding this week? ?
On Monday we had our guest interview with Sheree where she discussed her experiences with moving her business online
On Tuesday we looked at recycling old content
On Wednesday was a Facebook Ads training outlining our new Ad Set-Up at DKnine
Today, it’s time to talk about another foundational tip
This is something a lot of people don’t talk about
EVERYONE talks about making LOTS of money ?
But what they don’t tell you is the money management side of things
It’s all well and good bringing on new clients… but say for every £100 you take on, in the UK £20 of that is to the tax man
Then you have to think about bills, staff, new equipment, previous loans
So you need to think about this £100 and how much of that is actually your money, what you can pay yourself and your actual profit
Make sure you have the reserves for big expected bills
What we do here at DKnine is we have 3 accounts
1️⃣ The account the clients pay their money into
2️⃣ From there we take out 30% of any of this and move it the 2nd account, a savings account
3️⃣ We also take another 5% and put that into another savings account for any unexpected big bills or if there’s any left over at the end of the year we can buy new equipment
This means we have the end of year tax bills and anything else that may crop up COVERED ?
So, if your finances are all over the place and you aren’t separating them into different accounts…go away and set it all up ??
This way you won’t have a shock when you have to pay your tax bill at the end of the working year
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