Caught out by End of Year ......Again?

from the desk of Bookkeeper Derby

It comes as quite a shock to many of us just how fast the years whistle by us - especially as many of us have to deal with Year End accounts.  Once the euphoria of actually having submitted 'something' into HMRC has worn off then for many of us there comes the nasty surprise of actually having to pay the Tax Man his due.

Having been self employed for many years one of the best pieces of advice my accountant gave me was to skim off the top 20% of my earnings and put it in a savings account preferably under lock and key and labelled - DO NOT TOUCH!  This money grew, surprisingly (to me at any rate) fast as each week passed.  Thus I had a lovely pot of money that was ready to access to pay off any tax bills sent by HMRC.  Amazingly enough I usually found I had enough set by to pay my accountant too.

Just recently I came across a very useful free to use tool.  One that helps you work out how much of your income you should set aside.  I present to you the: Percentage Calculator.

Why is this useful I hear you ask?  Simply it saves brain ache, its so easy to use oh and did I mention it is free? 

Definitely recommend this tool to help make your life easier.  Save it to your favourites tab.

Quote for Today

Miracles: You do not have to look for them. They are there, 24-7, beaming like radio waves all around you. Put up the antenna, turn up the volume - snap... crackle... this just in, every person you talk to is a chance to change the world...        Hugh Elliott

Hope you have a great day!

BKD