Being in business, the HMRC always reminds us that our tax return is due on January 31st, and in July, they also ask if there is anything they could do to help us; as you can imagen, I ask them for their knowledge on how to reduce the amount.
As I never get a reply, I assume the person who asked if I wanted any help has been replaced by another robot, or I have sent the email to the wrong address.
I had often wondered why they remind us to pay, as when we started our business, we promised ourselves that we always had the money to pay our taxes as that money having been earned should stay inside the business and not be taken out.
When starting a business, you need to promise yourself when taxes are due; there will be no procrastinating, as it’s not a good idea.
So if you want to be successful in business when it comes to rather dull tasks such as taxes, delaying the inevitable can become a very costly mistake.
I say in my book that on September 26th 1974. The day I burned my bridges and became self-employed, I promised myself I would build a big enough business to be able to pay a million pounds a year in tax.
Although I have been called a crazy man for wanting to pay such an enormous amount of tax, especially when setting this goal nearly 50 years ago.
Having achieved such a goal for as long as I can remember, I don’t think those people who believe that I am crazy to have ever stopped to consider just what you have to earn to pay so much tax and the benefits everyone gets on both sides of the fence.